Italian asset manager Prelios has launched a core logistics vehicle for institutional investors with a €350 million fundraising target.
The Milan-based firm said the fund, Fondo Logita, is intended for foreign investors, particularly international pension funds, which specialize in the logistics sector.
A spokesman for Prelios said its investment strategy was to target recently constructed, best-in-class logistics assets, already leased to quality tenants, with little or no leverage. He added that, through the fund, the firm wanted to acquire a portfolio of assets with a total area of 6.5 million square feet.
The asset manager also said that it had already made the first acquisition on behalf of the vehicle – three logistics properties in northern Italy for around €75 million. The seller was not disclosed.
Andrea Cornetti, Prelios’ general manager, said: “With this acquisition, Prelios has entered the logistics real estate market, a high-growth sector that at the same time attracts international investment and is also a catalyst for local economic growth.”
“We will focus on next generation logistic centres and state-of-the art assets equipped with high-level facilities and security systems. The transaction we finalised today is the third significant transaction with leading international institutional investors concluded since the beginning of the year,” he added.
In April, Prelios launched its first German real estate fund, which has a capital target of €280 million. The institutional investor-focused Prelios German Retail Property Fund Germany has a core-plus strategy and targets shopping centres, department stores and high street retail units.
The firm manages 28 funds in Italy with a total of €3.8 billion assets under management, while in Germany it has €2 billion assets under management.
Prelios was advised by the legal firm Hogan Lovells.