TH Real Estate has launched its second European logistics fund.
The European Logistics Fund (ELOF) has raised €200 mln from German investors since March this year, with TH Real Estate aiming to grow that to €250 mln by the year end, according to the fund's manager, Tim Hennes. 'The fund will invest in 'A' locations, with a target deal size of €20 mln to €30 mln, although we can go as high as €65 mln,' Hennes said.
TH Real Estate intends to grow the fund to €400 mln, with gearing, primarily in France, Spain, the Netherlands and Italy. The 12-year fund has an annual target return of at least 6% a year, Hennes added.
TH Real Estate launched its first pan-European logistics fund (PELV), a €360 mln European logistics vehicle, last year. It comprises seven assets across 600,000 m2 across France, Germany, the Netherlands and Spain.
