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Pictet raises €700M for first real estate fund
02 March 2020 | Vanessa Sousa

Pictet Alternative Advisors SA (PAA - the Pictet Group’s owned alternative investment firm - has closed its first direct real estate fund, Elevation I, at its cap of 700 million euro.

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The fund applies a value-add strategy and has already completed the acquisition of a prime mixed-use building in Madrid and three ‘last-mile' logistics assets in the Greater London area.

In Madrid, Elevation I acquired a mixed-use asset on the Castellana, one of the prime locations in the city, with a view to improving its environmental footprint and a subsequent lease-up of the building.

Launched in Q2 2019 with an initial target of 400 million euro, the fund witnessed excess demand and was significantly oversubscribed. The investor base is approximately two-thirds HNW clients and one-third institutions, including insurance firms and pension funds from Europe and Asia.

Zsolt Kohalmi, global head of real estate and Co CEO of Pictet Alternative Advisors, commented: «real estate investing is undergoing a significant transformation due to changes in technology, sustainability goals, and the ‘Hotelisation’ of real estate, which will provide value-add opportunities for active managers in the coming years.

«We strongly believe in the growth of private assets within Pictet, and we will significantly expand our investment activity in this space in the coming years», adds.  

The vehicle has a focus on key gateway cities in Germany, Spain, the UK and Nordics.

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