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PineBridge Benson Elliot fund makes first investment for strategy in Turin, Italy
PineBridge Benson Elliot, the U.K.-based pan-European real estate fund manager, alongside a 50 percent institutional joint venture partner, have subscribed to 100 percent of the units in a newly structured Italian real estate investment fund (ER Logistics Fund 5), managed by Europa Risorse SGR (ER SGR), a Bank of Italy-regulated fund manager.
“Turin is exceptionally well-located for a logistics facility and offers a strong occupational outlook,” said James Jakeman, a senior partner at PineBridge Benson Elliot. “We expect to see significant demand for the class A logistics space we plan to deliver, driven by ecommerce penetration. Italy has a significant supply-and-demand imbalance, vacancy across the country is incredibly low, and there is huge appetite for the supply of high-quality and carbon-neutral logistics space.”
ER Logistics Fund 5 owns a 197,000-square-meter (2.1 million-square-foot) site in Torrazza Piemonte, northeast Turin. Acquired off-market from