Germany's IVG said on Monday that it has raised a total of EUR 120 mln in equity from institutional investors from Germany and Austria for its IVG Garbe Logistik fund, launched in March 2012.
Germany's IVG said on Monday that it has raised a total of EUR 120 mln in equity from institutional investors from Germany and Austria for its IVG Garbe Logistik fund, launched in March 2012.
'By the beginning of next year, IVG and Garbe Logistic intend to collect more funds and then close the fund with up to EUR 200 mln in equity as planned,' said Steffen Ricken, managing director of IVG Institutional Funds with responsibility for marketing and product development. The special fund under German investment law invests exclusively in core logistics properties at established locations in Germany.
In total, the fund has a target investment volume of up to EUR 400 mln and is expected to be fully invested by the end of 2014 at the latest. The first properties will be acquired this year.
Asset management for the portfolio is performed by Garbe Logistic and fund management by IVG. Both companies are also operating as co-investors. 'For us, this is a strategic milestone to further strengthen our asset management and project development platform as one of the leading German providers of logistics properties,' commented Christopher Garbe, managing director of Garbe Logistic.
