Fiera Real Estate UK has announced the second close of its logistics development fund, taking the total amount of equity committed by investors to more than £225m.
Investors in the fund are a mixture of local government pension funds and pension funds from the US, Europe and Asia, together with proprietary co-investment.
Fiera, an affiliate of global investment manager Fiera Capital Corporation, launched the fund in July 2022 to take advantage of unprecedented occupier and investor demand for logistics space.
It can leverage up to 35%, taking the portfolio capacity to £350m across the two-year investment window.
The current portfolio of five assets will provide around 400,000 sq ft of grade-A logistics space across 18 units when construction is complete.
Some 80% of assets in the current portfolio are targeting net-zero carbon construction and BREEAM Outstanding.
The fund has a pipeline of five more sites under offer and is looking for more, focussing on sites suitable for up to 250,000 sq ft in locations well served by transport links and within 45 minutes of a 1m catchment population.
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