BentallGreenOak exceeds target with a EUR695m final close of its European Core+ Logistics Fund
BentallGreenOak, a global real estate investment management advisor and provider of real estate services, has successfully closed its European Core+ Logistics Fund, with a total of EUR695million in commitments from over 20 global institutional investors. The Fund had an initial target of EUR500 million.
This is BentallGreenOak’s first fund entirely dedicated to the European logistics sector and will complement its existing Value Add strategy, which has invested over EUR2.4Bn in logistics assets since 2015.
The Fund will pursue opportunities across the logistics spectrum, including e-commerce, last mile, temperature controlled and distribution assets. It will benefit from BGO’s deep sector knowledge, on-the-ground presence across Europe and the UK, and hands on asset management approach to identify high quality assets in established logistics locations. The Fund will seek to add value through establishing the income stream and filling vacancies.
Toby Phelps, Managing Partner and Head of European Equity at BentallGreenOak, says: “We are delighted with the support we have received from a broad range of investors who recognise that BGO is one of the most established logistics investors in Europe. Having acquired and managed over five million sq m (55 million sq ft) of logistics space in the last six years the team have an in-depth knowledge of the market, established tenant relationships and a track-record in delivering strong returns for our investors.”
Francesco Ostuni, Managing Partner and European Equity CIO at BentallGreenOak, adds: “We have already deployed more than half of the Fund’s capital, demonstrating the team’s ability to source attractive investments in the logistics sector. We continue to see a wealth of opportunities to generate attractive risk-adjusted returns for our investors and look forward to continuing to execute on the Fund’s strategy.”
More than 50 per cent of the Fund’s capital has already been deployed through the acquisition of 28 assets across France, Spain, Italy, the Netherlands, Germany, Sweden, and the UK.