PATRIZIA closes GLI urban logistics investment platform

PATRIZIA AG has held a final close for its GLI platform, a London urban logistics sidecar investment to its flagship discretionary value-add fund, TransEuropean Property VII LP (TEP VII), with a further €750 million ($852 million) to invest.

The platform, which will be operated by PATRIZIA, on behalf of its institutional clients, is structured as a joint venture with KSP, a specialist in the logistics asset class and last-mile submarket, who will act as local operating and development partner.

TEP VII GLI aims to assemble a €1 billion ($1.1 billion) portfolio of prime last-mile logistics properties in strategic locations in Greater London. These will include zones underpinned by the ecommerce megatrend, as well as areas attracting growing occupier interest, such as dark kitchens and data centres. The joint venture will seek to redevelop dated, and in some cases, obsolete properties, typically involving ground-up development to class A standards in line with the hig