Danish pension fund PenSam has partnered with Vengrove to launch a separate managed account to invest in light-industrial and logistics space in the UK, Germany and France.
Vengrove will invest an initial €200m on behalf of PenSam via the long-term vehicle, which is known as VRE Evergreen Logistics Partners.
The vehicle’s strategy will be to acquire light industrial and logistics assets in urban metropolitan areas, logistics corridors and close to transport hubs in and around core areas, including London and the South East, the West Midlands and Greater Manchester.
It will seek to create a stabilised portfolio of managed to core and new build assets that are institutional grade with strong ESG credentials. The long-term nature of the vehicle gives it the flexibility to hold or trade stabilised assets with the proceeds reinvested.
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 of Vengrove, added: “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.”
