AXA Investment Managers - Real Assets (“AXA IM - Real Assets”) has announced the final close of Logistics Development Club, a fund seeking to invest in logistics development projects in key locations across Europe.
With €240m of equity commitments raised from four international institutional investors, Logistics Development Club aims to develop c. 1 million m² of Grade A logistics space, providing occupiers with efficient, flexible and sustainable buildings.
The Fund will directly benefit from the development expertise of Baytree Logistics Properties, a pan-European logistics and industrial platform set up in partnership with AXA IM - Real Assets in 2015, which brings complementary skills to a strong pan-European real estate investment network.
Logistics Development Club was launched in July 2016 and has already secured four sites to be developed in France, Germany and the UK which, once complete, will deliver a total of c. 250,000 m² of modern logistics space in attractive locations.
The Fund forms part of the AXA IM - Real Assets’ wider logistics real estate strategy which includes an existing pan-European logistics portfolio currently valued at €1.7 bn and comprising c. 2.5 million m² of space.
Arnaud de Jong, Logistics Development Club’s Senior Fund Manager at AXA IM - Real Assets, commented: “The successful close of the Logistics Development Club demonstrates our ability to leverage the wider range of skills we have across the AXA IM - Real Assets’ European platform in order to provide our clients with opportunities to invest in the logistics sector at different entry points and across different risk profiles. Logistics Development Club allows us to capture opportunities in the cycle and create value for our clients through the development of an institutional-quality logistics product designed to meet the evolving requirements of occupiers. We firmly believe that the ongoing structural changes in supply chains, e-commerce and consumer behaviour will continue to drive demand for logistics space.”
