Fidelity International’s new European logistics real estate climate impact fund has made its first investments, acquiring three assets in the Netherlands and Spain.
The Rest Super-backed Fidelity Real Estate Logistics Impact Climate Solutions (LOGICS) fund has a 44,500 square meters property in Industrial Park Katsbogten, Tilburg, and an 18,000 square meters site in Roerstreek industrial estate, Roermond, both in the Netherlands.
LOGICS also bought a logistics park in Ontígola, Spain, comprising two buildings with a total rental area of 55,600 square meters on an 81,300 square meters site previously owned by Barings, as part of a core real estate strategy.
Fidelity said the two assets in the Netherlands are part of a larger European portfolio currently being acquired off-market by its second climate impact fund. The completion of the other assets is anticipated in early 2025.
As reported in April this year, LOGICS secured €200 million in initial capital commitments, anchored by an €80 million investment from Rest Super. At the time, Fidelity said the Australian superannuation fund was a cornerstone investor in the fund’s first close, with an agreement to commit up to a further €120 million to the value-add fund over subsequent closes.
Source: realassets.ipe.com on the 9th of December