Malaysia's sovereign wealth fund Employees Provident Fund (EPF) is understood to have entered into a new logistics joint venture aimed at investing up to €1 bn in German logistics assets over the next three years.
Malaysia's sovereign wealth fund Employees Provident Fund (EPF) is understood to have entered into a new logistics joint venture aimed at investing up to €1 bn in German logistics assets over the next three years.
According to German press reports, EPF - through its European arm Kwasa - has launched a new partnership with German group Dietz targeting logistics assets in Germany as well as in neighbouring countries.
As part of the operation, Dietz is transferring a portfolio of around €200 mln to the joint venture and will also be responsible for future acquisitions and property management.
Dietz did not respond to PropertyEU's request for comment.
If confirmed, the move would mark the second European logistics platform to be launched by EPF over the past 18 months. Last year the Malaysian pension fund teamed up with international logistics group Goodman to invest up to €500 mln in the German logistics property market.
The partnership, dubbed KWASA Goodman Germany (KGG), has an initial equity commitment of €500 mln and has already acquired €213 mln of assets in Germany. It was established as a 70/30 joint venture with EPF holding the majority stake.
The seed portfolio included seven properties, three of which were sourced from the group for €105 mln and the remaining four from Goodman European Logistics Fund (GELF) for €108 mln.
