Australia-based HMC Capital鈥檚 Last Mile Logistics Fund (LML) has reached its first close with A$800m (鈧�491m) of investment capacity following A$400m of equity commitments from a major institutional investor and a sister fund, HMC Daily Needs (HDN) REIT.
The unnamed local institution has committed A$350m to the manager鈥檚 last-mile logistics strategy, while HDN chipped in A$50m. And with debt, the platform has purchasing power of A$800m.
The LML Fund series will target traditional retail properties which can be repositioned to provide last-mile omni-channel solutions for Australia鈥檚 leading daily needs retailers.
The fund has been seeded with a neighbourhood centre, Menai Marketplace, in Sydney鈥檚 West, purchased early this year, and now independently valued at A$175m.
HMC head of funds management, Nicholas Harris, said: 鈥淲e are delighted to reach first close and welcome a major new strategic capital partner for the first last mile logistics unlisted fund.
鈥淭his is a high conviction strategy which we believe is unique, leverages our track record in this sector, and can be significantly grown in the future through further LML fund series.鈥�
The LML Fund represents the first of a series of funds which can scale into a multi-billion-dollar strategy over time.
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