A real estate fund, backed by Australian superannuation fund Rest and managed by Fidelity International, has acquired three logistics properties.
Rest, which has assets under management of $90bn, committed €80m to the Fidelity Real Estate Logistics Impact Climate Solutions Fund (LOGIC) in April 2024, where it signed on as a cornerstone investor. Overall, the fund raised €200m during its first close in spring last year.
The LOGIC fund acquires existing logistics properties across core Western European markets and redevelops them into assets that can be operated at net-zero carbon, with the potential to generate renewable energy through the installation of solar panels.
The fund has recently acquired three industrial sites in the Netherlands and Spain, which it deems to be "highly suitable" for a renovation that will bring the buildings to net-zero carbon capability, according to Fidelity. The three industrial parks are located in Tilburg and Roermond in the Netherlands, and Ontígola in Spain.
Since April 2024, Rest has agreed to commit an additional €120m to the LOGIC fund over subsequent closes, according to Fidelity.
In an investment update, Rest stated that its investment in Fidelity’s fund is part of its impact investments, bringing the fund closer to its target of achieving a 1% allocation to impact investments across its total portfolio by 2026.
