Henderson to launch logistics Spezialfond for institutional investors
GERMANY - Henderson Global Investors is talking to German and Austrian institutional investors about establishing a Spezialfond to invest in German logistics in partnership with Palmira Capital Partners.
Henderson, which finished raising capital for its first Spezialfonds last year, is targeting a total investment volume of between €200m and €250m and returns of 8.5% per annum over an eight-year lifespan.
Whereas its previous vehicle focused on retail property in Germany, Henderson's new fund will target good-quality logistics assets in markets such as Stuttgart, Bremen, Hamburg, Munich, Frankfurt, Düsseldorf and Cologne.
A seed portfolio has been identified, and a first close is expected this summer.
Thorsten Kiel, manager of the fund, said: "We see the opportunity for significant performance in this relatively untapped sector. It is a niche but maturing asset class."
Tim Horrocks, head of Germany at Henderson Property, added: "The strategy for the fund involves the acquisition of existing, proven schemes with secured leases already in place. This means we retain the benefit of the low risk associated with newer-build assets but avoid the premium pricing."
Palmira Capital Partners focuses on small to medium-sized assets in Germany, Switzerland and Austria, acting as adviser, general partner or co-investor.
Mathias Leidgeb, partner at Palmira Capital Partners, said: "Palmira has significant experience in investing, managing and delivering investment performance across logistic assets.
"Our contribution to the process - which will be incorporated at each stage, from initial introduction to the properties, through to the asset management of the portfolio - will be instrumental in the success of the fund."