Pictet Alternative Advisors SA (PAA), the Pictet Group company dedicated to alternative investments, also enters the world of real estate. The company has just closed the subscriptions of Elevation I, its first fund dedicated to the world of real estate. The vehicle was closed with a collection of 700 million euros, well above the initial target of 400 million. Logistics is among the segments in which the fund aims to invest
Where it invests. Logistics and large metropolitan areas are the areas where the fund aims to invest. The fund applies a value add strategy and has already completed the acquisition of three “last mile” logistics properties in the Greater London area as part of a strategy to build a portfolio of similar hubs across London. The second important investment concerns a prestigious property for mixed use in Madrid on the Castellana, one of the main locations in the city, with the aim of improving its environmental footprint and subsequently renting it out. The vehicle is focused on the main gateway cities in Germany, Spain, the United Kingdom and the Nordic countries and aims to improve the sustainability of the properties acquired using the PropTech programs throughout the investment process.
Investors. About two thirds of the investor base is made up of private clients with high assets and one third of institutional investors, including insurance companies and European and Asian pension funds.
Credit: ilsole24ore