The fund has a target investment volume (GAV) of €1.5 billion, with a maximum leverage ratio (LTV) of 50%. It will focus on "modern and energy-efficient" logistics buildings that are built and operated to the highest standards of energy efficiency and environmental protection, and that create added value by combining sustainability, attractive rental conditions and strategic locations. .
Selection criteria include proximity to transportation hubs to minimize transportation-related carbon emissions, and sustainable building standards that include BREEAM certification, installation of photovoltaic panels on roofs, and offsetting of CO2 emissions.
The ACSEL fund is launched with a volume of committed capital of 330 million euros, obtained from international institutional investors, including SCI Primonial Capimmo. The fund initially intended to raise €250 million, but due to strong demand, the volume of the first closing was increased to €330 million. Kempen & Co has acted as sole adviser on the capital raising.
The first investment has already been approved, and corresponds to an asset located in Lisbon
ACSEL expects to deploy the capital from the first closing within 18 months, benefiting from the significant investment portfolio secured by Aquila Capital. The first investment has already been approved, a 115,000 sqm logistics center in Azambuja, a strategic logistics hub in the Lisbon metropolitan area. 70% of the asset has been pre-leased to a first-rate tenant with a firm 20-year lease term.
According to Lars Meisinger, head international client advisory & corporate development at Aquila Capital, "In recent years, the global profitability of logistics has exceeded that of all other real estate sectors and we expect this to continue. The persistent uncertainty around supply chain disruption is supporting demand for distribution centers thanks to their central role in e-commerce In a post-COVID world, we expect businesses will continue to seek more and more logistics space to accommodate the rapidly evolving consumption trends and make their supply chains more resilient to face new disruptions.With its specialized investment capacity in logistics, residential and data centers, Aquila Capital is a competent partner for institutional investors to expand their allocation to these important sectors".
And Rolf Zarnekow, head of real estate at Aquila Capital, adds: "European prime rents for logistics real estate are rising faster than they have in more than two decades. This growth in rents is mostly concentrated in locations strategic locations of major metropolitan areas, while less central superstore locations continue to lag behind, but even there we see rent increases gradually outpacing inflation as shortages set in. We expect this trend to continue, as that occupancy is likely to remain at a structurally higher level Although vacancy in modern, well-located logistics facilities has been very low for many years, the overall vacancy rate has also decreased in a growing number of locations and, therefore, it will support further rental growth."
Since 2012, Aquila Capital has invested more than 729 million euros in what they call "green logistics", combining environmental and economic efficiency and reducing the impact of their logistics investments on the environment. And it has done so in Germany, Spain, Portugal and Italy, reaching a total leasable area of more than 879,000 sqm. Its logistics investments comprise development projects as well as existing long-term leased properties.