German independent fund manager RLI plans to launch a European last-mile fund later this year, according to managing director Peter Wenzel.
‘We aim to continue to grow in 2020. The fund will invest in city 'last-mile' hubs in the core of Europe, with an absolute focus on Germany. With this in mind, we have further expanded our team of international real estate experts,’ commented Wenzel.
RLI Investors grew its portfolio by almost 24% last year, crossing the €1 bn mark. It bought 11 logistics properties worth around €156 mln in 2019 on behalf of the RLI Logistics Fund - Germany II open-end special real estate fund.
The properties, some of which acquired in off-market transactions, include three development projects with around 39,000 m2. The assets are situated in logistics regions in Germany, including Berlin, Rhine-Main, Leipzig and Munster/Osnabruck and are let on long leases to top covenants.
At the end of 2019, RLI had a total lettable area of 1.26 million m2 under management, spread over 38 properties in Germany that are up to 99% let.