PineBridge inks deal for PE real estate firm – Pensions & Investments

PineBridge Investments has agreed to acquire U.K.-based private equity real estate manager Benson Elliot Capital Management.

A spokesman for PineBridge confirmed the agreement but declined to comment further.

Financial terms were not disclosed. The deal is subject to regulatory and other approvals.

The agreement follows a strategic review by Benson Elliot’s leadership team, Marc Mogull, executive chairman and CIO, said in a news release.

PineBridge, which has a total $104.4 billion in assets under management, ran $6 billion in alternative assets under management as of June 30, according to its website. Its existing capabilities are in private funds, structured capital and private credit.

Benson Elliot manages more than $3.5 billion of equity. Its portfolios comprise office, retail, hotel and residential assets across Europe, a news release said. Its Benson Elliot Real Estate Partners V closed last year at €836 million ($979 million).

“Real estate is a strategically important asset class for institutional investors … who are looking to meet their long-term investment objectives, especially during a period of low real interest rates,” Greg Ehret, CEO of PineBridge, said in the release. “Benson Elliot’s industry-leading expertise in European real estate will complement and diversify our firm’s investment offering allowing us to best serve our global client base.”

Mr. Mogull and Joseph De Leo, managing partner, will join the PineBridge senior leadership team, according to a person familiar with the deal.

Benson Elliot’s entire 40-employee team will join PineBridge following the completion of
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Author: Global Real Estate