Tritax London Logistics Fund Raises £400 Million in New Equity, Passing £1 Billion Milestone

Tritax London Logistics Fund (TLLF) has raised approximately £400 million of new equity since Q3 2025, taking the fund past the £1 billion mark and to about £1.07 billion in assets at the end of Q3 2026, Tritax announced on Oct. 29, 2026. Nick Ireland, fund manager for TLLF, said the milestone reflects support for the fund's strategy and portfolio.

The raise came in at the top end of the target range and ahead of its scheduled timeline. TLLF intends to raise an additional £150 million over the next 12 months and is targeting a fund size of about £1.5 billion in 2028.

Tritax London Logistics Fund Reaches £1 Billion

TLLF has grown to c.£1.07 billion as of the end of Q3 2026, a 65% increase since Tritax became manager in 2023. The fund invests in multi-let industrial estates, last-mile logistics hubs and strategic mid-boxes within London's M25 orbital road system, with a significant presence in the Heathrow submarket in West London. It is a private REIT for institutional and other professional investors.

The portfolio comprises 22 assets totaling more than 2.3 million sq ft. That figure follows three acquisitions completed over the past 12 months:

• PR1, Park Royal, West London: a modern industrial unit of 62,000 sq ft.
• Communications Park: a multi-let industrial estate of 63,804 sq ft.
• AIR Heathrow: a 162,000 sq ft Grade-A logistics scheme south of Heathrow Airport.

International Investor Base Expands

The fund's investor base has shifted from UK-weighted to 70% international, with investors from Australia, Switzerland, Japan, Singapore, the U.S. and the Netherlands. Tritax said the planned £150 million raise responds to continued international demand for access to the London industrial and logistics market.

"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 said. "The successful equity raise reflects support for the Fund's disciplined strategy, high-quality portfolio and proactive approach to asset management. We are pleased to build on this progress as we seek to scale the Fund through a further equity raise targeted at international institutional investors attracted by the London industrial and logistics market."

Fund Performance and Asset Management

For the 12 months ended June 30, 2026, TLLF recorded a total return of 15.2%. Annualized total return was 7.9% over three years and 3.1% over five years. Based on the relevant MSCI/RE:UK Quarterly Funds Index report, TLLF ranked first within the applicable index peer group over the one- and three-year periods. The ranking is limited to funds in that index and does not compare TLLF with all UK real estate funds.

Performance reflected rental growth in supply-constrained markets, including Heathrow, and active asset management. Examples include planning consent on a 10-acre Green Belt site near Heathrow, completion of a 115,000 sq ft pre-let at Poyle, and a 122,000 sq ft agreement for lease with WFS at Heathrow Airport. Tritax noted that past performance is not a reliable indicator of future performance and that the value of investments and income from them may fall as well as rise.

London Industrial Market Context

London's industrial and logistics market continues to be supported by supply constraints, population growth and e-commerce demand, particularly around Heathrow and other locations inside the M25. Broader UK indicators in Q3 2026 were mixed.

• UK logistics vacancy stood at 6.56% according to CBRE, down 53 basis points quarter over quarter and the lowest level since Q1 2025.
• DTRE put big-box vacancy at 7.4%, with about 59.5 million sq ft available nationally, of which 36% was Grade A.
• Knight Frank recorded 9.6 million sq ft of UK logistics take-up in Q3, down 7% from Q2 and 8% below the five-year quarterly average.
• Average UK industrial rents rose 4.49% year over year in the 12 months to July 2026, and London industrial rents are expected to grow about 3.1% in 2026, per Knight Frank.

On pricing, Cushman & Wakefield put average prime net initial yields across 71 logistics submarkets at 5.74% in Q3 2026, up from 5.59% in Q2. Knight Frank said prime industrial yields were broadly stable, while yields for secondary distribution and Greater London estates moved out by as much as 25 basis points. UK industrial and logistics investment totaled £2.76 billion in Q3 2026, up 85% from £1.49 billion in Q2.

Outlook

With the £400 million raise complete, TLLF has additional capital to deploy in a market where occupier fundamentals remain supportive while investment pricing is still adjusting, particularly for secondary assets. Tritax's next step is the further £150 million equity raise targeted at international institutional investors as the fund works toward its £1.5 billion target in 2028.

Sources

• Tritax: Tritax London Logistics Fund raises £400m in new equity and reaches £1 billion milestone