Fidelity International has completed the closing of its Fidelity Real Estate Logistics Impact Climate Solutions Fund (LOGICs), after raising €355 million in capital from international institutional investors, including Rest, one of Australia's largest non-profit pension funds. Including leverage, the total investment capacity amounts to €710 million, which will be used to drive the energy transition in the logistics real estate sector.
Since its first closing in March 2024, LOGICs has deployed two-thirds of the committed capital, acquiring 14 logistics properties located in Spain, Germany, France, the United Kingdom and the Netherlands, with a combined value of approximately €470 million. Fidelity plans to invest the remaining funds in the coming months, given the volume of opportunities identified by its teams in the European logistics segment.
The fund focuses on refurbishing logistics assets to achieve climate neutrality, in a context where buildings account for more than 34% of global CO₂ emissions. To this end, Fidelity has developed its own climate impact framework, aligned with the European Union's taxonomy and external certification standards, which allows for the transparent measurement of improvements in energy efficiency and progress towards net zero emissions.
Adrian Benedict, Head of Real Estate Solutions at Fidelity International, noted that raising capital in a complex economic environment reflects the strength of the fund's strategy and investor confidence in its climate approach. Alison Puhar, head of Real Estate at the firm, highlighted that demand for sustainable logistics assets is creating a supply shortage in Europe, and that the refurbishment of existing buildings allows the needs of users to be met and value to be generated for investors.