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Logistics: Just in time to just in case | Magazine
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Tournefeuille : la gauche se repositionne sur l environnement
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Logistics investment: “Unsellable properties” Apr 20, 2021 By Funds Europe
Money has been pouring into the logistics sector from a variety of different sources, including US banks, institutions, private equity, and firms in the Middle East and Far East.
“That has driven down yield considerably over the last six months,” according to Legal & General Investment Management senior fund manager Jonathan Holland, speaking to Funds Europe for the April issue.
A lot of the new capital can come with a lack of knowledge, according to Thomas Karmann, head of logistics at Axa Investment Managers’ alternatives division, Axa IM Alts.
“Risk is often not correctly priced anymore and there is hardly any differentiation of location and market depth for (re)letting. There seem to be less single asset sales and more portfolios, containing some less attractive buildings which would almost be unsellable on a standalone basis,” he said.
Global real estate: Logistics centres reach a new milestone
In February, Legal & General Investment Management (LGIM) invested more than £100 million (€117 million) in UK industrial real estate sites, citing investors’ enthusiasm for the sector as a result of Covid-19.
The firm is one of many worldwide seeking to increase exposure to industrial and logistics properties – a trend galvanised by the accelerated shift towards online retail during government-ordered lockdowns to combat the pandemic.
According to LGIM, the rise of e-commerce and a scarcity of “high-quality, well-located” industrial assets has created a significant supply-demand imbalance.
The main issue facing the logistics and industrial sector, aside from climate change, is this lack of assets, says Jonathan Holland, senior fund manager at LGIM Real Assets.