Author Archives: Emma Thompson

PineBridge Investments completes acquisition of Benson Elliot Capital Management

PineBridge Investments (‘PineBridge’), a private, global asset manager focused on active, high-conviction investing, has completed the acquisition of Benson Elliot Capital Management (‘Benson Elliot’), a UK-based private equity real estate fund manager. The acquisition was first announced on the 14th October 2020 and has now received regulatory approval.

Benson Elliot, which will now be called PineBridge Benson Elliot LLP, was founded in 2005, manages over US$3.5 billion of equity and holds a diversified portfolio currently comprised of office, retail, hotel and residential assets across Europe, including in the UK, Germany, France, Spain, Italy, Belgium and Poland. Since inception the firm has deployed a consistent asset driven, value add, risk sensitive and exit focused investment strategy.

Benson Elliot’s entire team of 40 professionals will join PineBridge, with the acquisition expanding PineBridge’s client offerings in alternatives, adding new capabilities and investment vehicles to its successful private funds, structured capital and private credit businesses.

Greg Ehret, CEO of PineBridge, said, “I am delighted to welcome the Benson Elliot team to the PineBridge family. Real estate is a strategically important asset class for institutional investors who are looking to meet their long-term investment objectives. 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.”

Marc Mogull, Chairman and Chief Investment Officer at PineBridge Benson Elliot LLP, said, “We believe this partnership will enable us to build on 15 years of success at Benson Elliot. It ensures we will remain at the forefront of the private equity real estate industry in Europe, that we continue to attract, retain and grow the best talent, and that we continue to deliver best-in-class performance. Importantly, it ensures continuity in our existing activities, respects the unique spirit and culture we’ve developed, and offers an exciting future for the team”.

PineBridge was advised by Simmons & Simmons LLP and Perella Weinberg UK Limited. Benson Elliot was advised by Travers Smith and Berkshire Global Advisors.

About PineBridge Investments:

PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 30 September 2020, the firm managed US$111.7 billion across global asset classes for investors around the world.

To find out more information visit www.pinebridge.com

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Benson Elliot and GCI complete 22,000 sqm pre-let of major Paris office redevelopment

A joint venture between Benson Elliot, the London-based private equity real estate manager, Générale Continentale Investissements (GCI), the Paris real estate investment group, Canadian institution Alberta Investment Management Corporation (AIMCo) and 21st Capital, has pre-let the entirety of its Latitude office building to Sopra Steria. The European leader in consulting, digital services and software development has signed a nine-year lease, and will take occupancy in Q4 2021.

Latitude is due to complete in early 2021, and will deliver 22,000 sqm of top quality modern office space in the heart of La Défense in Paris. Spread across eight floors, it is one of the only low-rise office buildings in La Défense, a market typically dominated by tower blocks. The completed building will feature expansive 2,220 sqm floorplates (a rarity for the market), a double height reception, co-working areas and a new restaurant / cafeteria.

Latitude has been designed to the highest environmental standards and is set to receive multiple CSR credentials, including: Wired Score ‘Platinum’, HQE ‘Outstanding’, BREEAM ‘Excellent’ and Effinergie +.

Rémi Monglon, Principal and Head of France at Benson Elliot, commented: “We are delighted to be welcoming Sopra Steria’s “France” reporting unit to their new offices. This significant pre-letting validates the build-to-core investment strategy Benson Elliot has been deploying across Europe in recent years, creating prime office schemes in markets with strong occupational fundamentals. When we bought Latitude we had a conviction view that the building was the right product for large occupiers seeking top quality office accommodation in a highly sought-after market.”

Sharon Raingold, Partner and Managing Director at GCI, added: “Our intention with this development was to create a state-of-the-art office building replying to the needs of occupiers today. We invested in creating an environment that focuses on the quality of life of its users. This transaction has confirmed our strategy to develop leading and innovative office buildings tailored to tenants needs.”

La Défense is Europe’s largest business district, home to over 500 international industrial and financial companies, including Total, IBM and Société Générale. It has excellent public transport connections to central Paris, with accessibility set to improve further with the upcoming extension of the RER E line connecting directly to Gare du Nord (Eurostar).

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PineBridge Investments to acquire Benson Elliot Capital Management

PineBridge Investments (‘PineBridge’), a private, global asset manager focused on active, high-conviction investing, has reached an agreement to acquire Benson Elliot Capital Management (‘Benson Elliot’), a UK-based private equity real estate fund manager. Financial details of the transaction are not being disclosed and the transaction is subject to certain customary regulatory and other approvals.

Benson Elliot, which was founded in 2005, manages over US$3.5 billion of equity and holds a diversified portfolio currently comprised of office, retail, hotel and residential assets across Europe, including in the UK, Germany, France, Spain, Italy, Belgium and Poland. Since inception the firm has deployed a consistent asset driven, value add, risk sensitive and exit focused investment strategy. Benson Elliot has successfully launched four European funds, the most recent of which, Benson Elliot Real Estate Partners V, closed in 2019 at €836 million. The firm’s prior fund, Benson Elliot Real Estate Partners IV, has already realised over half of its invested capital.

“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,” said Greg Ehret, CEO of 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.”

The acquisition of Benson Elliot allows PineBridge to expand its client offerings in alternatives, adding new capabilities and investment vehicles to its successful private funds, structured capital and private credit businesses.

Marc Mogull, Executive Chairman and Chief Investment Officer at Benson Elliot, said, “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 organization 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.”

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

PineBridge was advised by Simmons & Simmons LLP and Perella Weinberg UK Limited. Benson Elliot was advised by Travers Smith and Berkshire Global Advisors.

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