Real estate investment giant, Kennedy Wilson, is to plough an additional $1.5 billion into expanding its footprint of logistics properties in Ireland, the UK and Spain.

The extra funding will bring to $2.5 billion the total amount it has earmarked for logistics investment opportunities located close to large urban centres.

Over the past 15 months, the California headquartered firm has bought 80 distribution centres worth around $1.4 billion.

The company also claims to have a strong pipeline of future opportunities.

So-called 'last-mile' logistics warehouses are becoming increasingly important as the growth in ecommerce gathers pace.

"The considerable growth of e-commerce continues to drive strong tenant demand from businesses expanding their distribution networks by occupying logistics properties with last mile delivery capabilities in city centres," said Fiona D’Silva, Head of Investment, Europe at Kennedy Wilson.

"We expect this tight supply/demand imbalance to continue, driving the growth of our platform across Europe with our prestigious, global investment partner and generating resilient returns in the long-run."

In particular the company is targeting assets with an attractive yield that are based within a 30-minute drive of populated urban locations.

The business earns a fee for managing the properties and also retains 20% ownership in the platform.