PL

WORLD PineBridge poised to take over Benson Elliot

Investment & finance
Global asset manager PineBridge Investments is about to acquire UK-based private equity real estate fund Benson Elliot Capital Management.

The financial details of the transaction, which is subject to certain customary regulatory and other approvals, have been disclosed.

Benson Elliot, which was founded in 2005, manages around EUR 3.5 bln of equity and holds a diversified portfolio of office, retail, hotel and residential assets across Europe, including in the UK, Germany, France, Spain, Italy, Belgium and Poland. Since its inception the firm has deployed an asset driven, value add, risk sensitive and exit focused investment strategy. Its fourth and latest fund, Benson Elliot Real Estate Partners V, closed in 2019 at EUR 836 mln, while its previous fund, Benson Elliot Real Estate Partners IV, has already realised over half of its invested capital.

Following completion of the acquisition, Benson Elliot’s entire team of 40 professionals will join PineBridge.

Some months ago the leadership team at Benson Elliot undertook a strategic review to explore how we could build on fifteen years of success at Benson Elliot. We wanted to ensure that our organisation would remain at the forefront of private equity real estate investing in a changing market environment. We’re pleased that this process has resulted in our joining forces with PineBridge. This partnership will enable us to put in place the infrastructure for future growth, to continue attracting and developing the best talent in the industry, and to sustain our track record of best-in-class performance. Importantly, it ensures continuity in our existing activities, respects the unique spirit and culture we’ve developed at Benson Elliot, and offers an exciting future for the Benson Elliot team.
Marc Mogull, the executive chairman and CIO of Benson Elliot

In Poland, Benson Elliot owns such office properties as Marynarska Business Park (46,000 sqm) and Chmielna 134 (14,100 sqm) in Warsaw, Vinci Office Center (20,242 sqm) in Kraków, Diamentum (9,300 sqm) in Wrocław, Kwadraciak and Okrąglak (together 8,000 sqm) in Poznań, Forum 76 (7,900 sqm) in Łódź and Opera Office (7,200 sqm) in Gdańsk as well as the Newbridge chain of convenience shopping centres (72,400 sqm in three centres).

New York-based PineBridge is majority-owned by a subsidiary of Asian-based Pacific Century Group. It currently has assets under management globally worth USD 104.5 bln.

In our tenth year as an independent firm, this is a significant milestone in our growth and we are thrilled to welcome the Benson Elliot team to PineBridge, Real estate is a strategically important asset class for institutional investors, such as pension funds and insurance companies, who are looking to meet their long-term investment objectives, especially during a period of low real interest rates. Benson Elliot’s industry-leading expertise in European real estate will complement and diversify our firm’s investment offering allowing us to best serve our global client base.
Greg Ehret, the CEO of PineBridge

PineBridge is being advised by Simmons & Simmons LLP and Perella Weinberg UK, while Benson Elliot is being advised by Travers Smith and Berkshire Global Advisors.

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