BNP Paribas REIM has announced its Eurozone Logistics fund has hit €200m of commitments through Q4 2018 and Q1 2019, with an eye to capacity of some €300m.
Launched in Q3 2017, the current group of investors constitutes pension funds and insurers from France, Italy, Spain, Belgium and Ireland.
The fund targets Grade A logistics warehouses in the key eurozone logistics hubs. A final closing of the fund is anticipated by mid-2019, with additional equity commitments expected to reach a targeted investment capacity of €400m. The fund has recently secured a fourth acquisition in Germany. So far, all four transactions have been secured "off-market".
Henri Romnicianu (pictured), head of Institutional Clients, Europe, said: "This new closing demonstrates the European expertise of BNP Paribas REIM and its ability to offer focused strategies to institutional investors from different countries. The "ELF" fund perfectly meets the requirements of pension funds and insurance companies looking for core income-driven strategies backed by long-term structural drivers."
A Sicav-Sif managed by BNP Paribas REIM Luxembourg, the fund targets an annual distribution of 5.5%.