Fidelity International raises €200m with second real estate climate impact fund

Fidelity International has launched its second real estate climate impact fund, the Fidelity Real Estate Logistics Impact Climate Solutions Fund (the LOGICs fund), successfully raising €200 million ($217 million) during its first close.

Rest Super, one of Australia’s largest profit-to-member superannuation funds, is a cornerstone investor in the Fund and is committing €80 million ($87 million) at first close, with an agreement to commit up to a further €120 million ($130 million) to the Fund over the subsequent closes.

With more than 40 percent of total carbon emissions being emitted from real estate, the asset class plays a pivotal role in the race to net zero. But with 85 percent of buildings in the European Union more than 20 years old, there is an urgent and appealing investment opportunity to help turn brown to green.

The LOGICs fund, which will invest solely in the logistics sector across core Western European markets, will follow a value-adde