Tritax London Logistics Fund hits £1.07bn after £400m equity raise

By Nathan Brooks

Tritax London Logistics Fund has raised approximately £400 million in new equity and grown to approximately £1.07 billion, moving it toward a roughly £1.5 billion goal by 2028. Pulse 2.0 reported that the equity raise completed ahead of schedule and at the top of its target range.

The fund has grown approximately 65% since Tritax became its manager in 2023. Its portfolio now comprises 22 assets totaling more than 2.3 million square feet, according to Pulse 2.0.

Acquisitions reshape a London-focused portfolio

Three acquisitions completed during the past 12 months supported that expansion. According to Pulse 2.0, the deals helped reshape the portfolio around Greater London's supply-constrained industrial and logistics market.

Pulse 2.0 said TLLF invests in multi-let industrial estates, last-mile logistics hubs and strategic mid-box properties within London's M25 orbital road system. The fund also maintains a significant concentration around Heathrow.

That concentration makes Greater London, rather than the UK property market as a whole, the relevant lens for investors. It also places the fund's performance squarely in the logistics market around the M25 and Heathrow.

International investors anchor expansion

Pulse 2.0 described the investor base as increasingly international. About 70% now comes from outside the UK, with investors from Australia, Switzerland, Japan, Singapore, the U.S. and the Netherlands.

TLLF plans to raise another £150 million during the next 12 months. The fund attributed the move to demand from institutional investors seeking exposure to London industrial and logistics properties, according to Pulse 2.0.

What does the next £150 million raise change?

It is the next concrete step toward TLLF's roughly £1.5 billion target for 2028. For investors, it tests whether institutional appetite can keep expanding the equity base. With about 70% of investors outside the UK, TLLF enters the raise with a substantially international funding base, according to Pulse 2.0.

Returns provide the performance case

TLLF reported a 15.2% total return for the 12 months ended June 30, 2026. Its annualized return was 7.9% over three years and 3.1% over five years, according to Pulse 2.0.

Nick Ireland, Fund Manager Of Tritax London Logistics Fund, said: “Reaching £1 billion is a milestone moment for TLLF, achieved alongside returns above the sector benchmark over the three-year period ended 30 June 2026.”

Ireland's claim adds a benchmark comparison to those absolute returns. It also clarifies the fund's pitch for the next raise: TLLF has passed £1 billion while posting a three-year annualized return that management considers above the sector benchmark.

Development adds three project milestones

Development activity gives TLLF another route to growth beyond the three acquisitions completed in the past year. Pulse 2.0 listed three project milestones:

• Planning consent for a 10-acre site near Heathrow.
• A 115,000-square-foot pre-let at Poyle.
• A 122,000-square-foot agreement for lease with WFS at Heathrow Airport.

These milestones span planning, leasing and development, extending the growth story beyond acquired assets. The Poyle pre-let and WFS agreement also keep new activity tied to the Greater London logistics market that anchors the portfolio.

The next 12 months carry two measurable tests for TLLF: raising another £150 million and converting institutional demand into further asset growth. Its approximately £1.07 billion scale and 70% international investor base provide the starting point. The roughly £1.5 billion target for 2028 sets the pace, while the 15.2% total return through June 30, 2026 sets a performance bar.