Aberdeen Standard Investments’ new UK investment trust has missed its £250m (€283.8m) fundraising target by 25%.

Last month, the asset manager announced plans to raise £250m by floating Aberdeen Standard European Logistics Income.

The new investment trust will look to tap into the rapid growth of e-commerce across Europe by investing in logistics properties such as large ‘big box’ warehouses and local ‘last mile’ distribution centres, the asset manager said.

Aberdeen Standard European Logistics said today it had raised £187.5m of equity.

Martin Gilbert, co-chief executive of Aberdeen Standard Investments, said: “This is the first investment trust launch by Aberdeen Standard Investments and to have raised £187.5m is an excellent result and delivers a strong platform from which we can grow this exciting asset class.

“Our discussions with a broad range of investors had led us to believe that long-term exposure to income-generating logistics assets across Europe within a closed-end structure would have wide appeal and this has proven to be the case with pension funds, multi-asset managers, wealth managers and retail investors subscribing to the issue.”

Pertti Vanhanen, global co-head of real estate at Aberdeen Standard Investments, said: “This is another encouraging development for Aberdeen Standard Investments’ real estate business.

“The logistics market is central to the future of the e-commerce industry. In the UK, e-commerce has grown rapidly and significantly in recent years.

”Europe is growing too but from a lower base and the pace is set to increase as comfort with shopping online grows and big retail brands expand their operations on the continent.”

This would lead to more demand for large, specialised warehouses where goods are picked, sorted and distributed together with smaller units on the outskirts of urban centres to fulfil the so-called ‘last mile’ element of delivery, Vanhanen added.

Aberdeen Standard European Logistics is expected to begin trading on the London Stock Exchange on 15 December.