Pictet Group, a Swiss multinational private bank and financial services company, has closed its first direct real estate fund with €700 million ($760 million) in capital commitments.
The fund, known as Elevation I, follows a value-add strategy, focusing on key gateway cities in Germany, Spain, the United Kingdom and the Nordics. The fund launched early last year with an initial target of €400 million ($434 million).
Due to an excess in demand, it was significantly oversubscribed and attracted an investor base consisting mainly of high-net-worth individuals. One-third of the investors were institutions, including insurance firms and pension funds from Europe and Asia.
Elevation I has already acquired three last-mile logistics assets in the Greater London area and a prime mixed-use building in Madrid. Pictet Group said the vehicle seeks to improve the sustainability of its purchased assets by using proptech tools throughout the investment process.
“Re
