Henderson Global Investors has raised €90 million for its German Logistics Fund — a partnership between Henderson’s German property business and Palmira Capital Partners, a specialist in logistics real estate — giving it €150 million (including gearing) to deploy in the German logistics market.

The fund remains open to further institutional investors with an eventual target size of €250 million gross asset value. Current investors are predominantly German insurance companies and pension funds, together with an Austrian institutional investor.

The fund is Henderson’s second Spezialfonds and will focus exclusively on existing, good quality logistic assets in top locations throughout Germany. Its target return is 8.5 percent with a 40 percent gearing provision.