Ashurst advises on launch of Vestas European Strategic Allocation Logistics Fund

VESALF I is amongst the first ever ‘blind’ funds that has been raised solely from Korean institutional investors to invest in European real estate. It will target core/core-plus logistics assets of between €40 and €140 million across all key European markets.

Savills IM will be the European fund and asset manager in partnership with Vestas, who have raised the capital for VESALF I from Korean institutional investors. Vestas has raised €200 million which, combined with manager co-investment and up to 60% gearing, will give VESALF I a target gross asset value of €450-500 million.
VESALF I will be seeded with the recent acquisition of a new 115,000 sq m unit leased to DSV in Tholen, the Netherlands on which Ashurst has also advised.

The Ashurst team was led by partners David Jones and Nick Goddard, supported by senior associate Chris Benbow and associate Oliver Cary. Tax partners Simon Swann and Tim Gummer also advised.

David Jones and Nick Goddard said, "We are delighted to have supported long-standing clients Vestas Investment Management and Savills Investment Management on establishing the first blind logistics fund for Korean institutions."