Pictet Alternative Advisors has closed its first direct real estate fund at a hard cap of €700m.
The value-add focused Elevation I was launched early last year with an initial target of €400m and a focus on gateway cities in Germany, Spain, the UK and the Nordics.
It has so far bought three last-mile logistics sites around London, as well as a mixed-use development in Madrid.
Elevation I’s investor base is roughly two-thirds high-net-worth clients and one-third institutions, including European and Asian insurance firms and pension funds.
“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,” said Zsolt Kohalmi, global head of real estate and co-chief executive of Pictet Alternative Advisors, who runs the fund.
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