Savills IM launches third logistics fund

Savills Investment Management has launched the European Logistics Fund 3 (ELF 3), targeting an investment volume of €600 million ($661 million).

The core/core-plus fund will focus on investments in high-quality distribution centers and cross-docks that can be used by third parties in Europe's core liquid logistics markets. It has already received €122 million ($134 million) in capital commitments from two German institutional investors at its first close.

The fund’s predecessor, ELF 2, raised €560 million ($617 million), doubling its target of €250 million ($275 million), and was closed to new investors at the beginning of 2019.

“The overwhelming response by investors to ELF 2 has helped to make it one of Savills IM’s flagship funds,” said Rena Knöpke, head of business development for Germany, Austria and Switzerla