Thursday, 11 December 2014
AEW Europe completes €820 mln capital raising for LOGISTIS (EU)
AEW Europe announces that it has completed the final close for LOGISTIS, raising a total of €820 mln of new equity. This represents the largest equity raising to date for AEW Europe and brings the total equity of LOGISTIS to more than €1.3 bln.
The new equity has been raised from a number of leading institutional investors from Europe and Asia, including APG and PGGM among others. The capital raised exceeded the original equity target, with the five largest new investors committing in excess of €600 mln in aggregate. Existing investors also increased their investment, committing a further €130 mln in aggregate.
LOGISTIS’ strategy is to build a portfolio of Grade A logistics parks in prominent locations across the main logistics hubs in Continental Europe. The additional equity raised will be used to grow the LOGISTIS platform to more than €2 bln and further expand its European footprint. AEW Europe has already started LOGISTIS’ expansion into Germany and will seek to complement its existing high quality portfolio of prime properties through the acquisition of approximately €1.2 bln of existing assets and new logistics parks to be developed with its network of preferred development partners.
These new investments will be mainly focused on Germany, Benelux and selected markets in Central Europe. Increasing the size of the platform will also allow LOGISTIS to further deepen its existing relationships with the leading logistics operators and retailers, who are increasingly looking for tailored and flexible pan-European solutions for their occupational requirements.
Rob Wilkinson, Chief Executive Officer of AEW Europe, commented: “This is a landmark equity raising for our LOGISTIS platform and for AEW Europe as a whole. Having been one of the first investment managers to move into the logistics space in 1999, the fact that we have been able to attract such high quality investors is a strong endorsement of the strategy we have been implementing since the creation of LOGISTIS. We look forward to continuing to grow our platform across Europe with our new and existing partners.”