BentallGreenOak (BGO) has closed its first fund entirely dedicated to the European logistics sector with €695 mln of equity commitments, significantly exceeding its initial €500 mln equity target.
European Core+ Logistics Fund received commitments from over 20 global institutional investors with the investor base spanning all major regions (Europe, Asia, Middle East and North America).
The vehicle has a pan-European approach and will complement the firm’s existing value add strategy, which has invested over €2.4 bn in logistics assets since 2015.
The fund will pursue opportunities across the logistics spectrum, including e-commerce, last mile, temperature controlled and distribution assets. It will seek to add value through establishing the income stream and filling vacancies.
Toby Phelps, managing partner and head of European Equity at BentallGreenOak, said: ‘We are delighted with the support we have received from a broad range of investors who recognise that BGO is one of the most established logistics investors in Europe. Having acquired and managed over 5 million m2 (55 million sq ft) of logistics space in the last 6 years the team have an in-depth knowledge of the market, established tenant relationships and a track-record in delivering strong returns for our investors.’
Francesco Ostuni, managing partner and European Equity CIO at BentallGreenOak, added: ‘We have already deployed more than half of the fund’s capital, demonstrating the team’s ability to source attractive investments in the logistics sector. We continue to see a wealth of opportunities to generate attractive risk-adjusted returns for our investors and look forward to continuing to execute on the Fund’s strategy.’
More than 50% of the Fund’s capital has already been deployed through the acquisition of 28 assets across France, Spain, Italy, the Netherlands, Germany, Sweden, and the UK.
