Mon, 05/11/2012 - 11:59
Jersey-registered real estate investment adviser Delin Capital Asset Management (DCAM) has raised EUR200m of equity for its inaugural core logistics fund, Capital Preservation Portfolio I.
The fund has a total investment capacity of in excess of EUR400m after leverage.
The firm has also acquired CPP I’s first asset, a prime distribution centre located in the Flight Forum business park in Eindhoven, the Netherlands, for EUR15m from Europa Immobiliare No1 Fund, a closed ended fund co-managed by Cordea Savills and Vegagest SGR. The centre is let to Phillips Lighting BV and generates a yield of approximately eight per cent.
DCAM was established with the intention to target the acquisition of income producing distribution assets in core logistics locations to deliver CPP I’s investors stable and, where possible, indexed linked long-term income returns combined with real capital preservation. DCAM’s location-led investment strategy is focused on the UK, Belgium and the Netherlands as its core logistics markets.
Alongside its purchase in Eindhoven, DCAM has selected the following areas as key submarkets: the UK Golden Triangle, the areas surrounding London and Heathrow, Rotterdam Port, Antwerp Port, Schiphol and the Brussels-Antwerp Axis.
DCAM will target distribution and logistics warehouses of a size between 10,000 and 50,000 square metres in its core submarkets. DCAM may also consider development or value add investments on a selective basis, provided their locations as a logistics hubs are sustainable over the long term by virtue of proximity to local infrastructure.
Christian Jamison (pictured), chief executive officer of DCAM, says: “DCAM was established in response to investors’ demand in this uncertain market for a product that offers stable, long-term and inflation indexed income combined with real capital preservation. Our clearly defined investment strategy to acquire prime logistics assets in core locations in the UK, Belgium and the Netherlands, provides us with a targeted means to achieve these investment objectives. As long-term investors, we are attracted by the strengthening of occupier demand for well located, modern logistics assets, as retailer and logistics operators continue to consolidate their supply chains to meet consumers’ growing desire for next day or, increasingly, same day delivery of online purchases.”
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