Danish pension fund PenSam has partnered with Vengrove to launch a separately managed account investing in light-industrial and logistics real estate in the UK, Germany and France.
Vengrove will invest an initial €200m of equity on behalf of PenSam.
The long-term vehicle, VRE Evergreen Logistics Partners, has a core-plus strategy to acquire assets in urban metropolitan areas, logistics corridors and close to transport hubs in and around core cities. This includes London and the South East, the West Midlands and Greater Manchester in the UK, Germany’s top 10 cities and, in France, Paris and the Ile-de-France, Lyon and Marseille.
The vehicle will seek to create a portfolio of “managed-to-core” and new-build assets that are institutional grade with strong ESG credentials.
Jeppe Starup, head of private capital and real assets at PenSam, said: “Our partnership with Vengrove marks a strategic step in our ambition to expand our presence in the European logistics sector. With Vengrove’s proven ability to identify attractive real estate investments combined with their local presence, and vertically integrated approach, we gain a partner capable of creating value and attractive returns for our pension customers.”
Ross Taylor, CEO at Vengrove, said: “We are proud to partner with PenSam on this new chapter of our investment strategy in European logistics. Their confidence in our team is a testament to the strength and quality of our offering, and we look forward to fulfilling the responsibility that comes with this partnership. We are committed to identifying and delivering attractive opportunities that will drive long-term value for PenSam and its clients.”
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