PineBridge Investments to Acquire Benson Elliot Capital Management
- Oct 15, 2020
Private global asset manager PineBridge Investments has agreed to acquire Benson Elliot Capital Management, a London-based private equity real estate fund manager. Financials on the transaction were not disclosed.
The acquisition reportedly will let PineBridge expand its client offerings in alternatives, adding new capabilities and investment vehicles to its successful private funds, structured capital and private credit businesses.
This milestone in PineBridge’s growth comes in the company’s 10th year as an independent firm, CEO Greg Ehret noted in a prepared statement. He added that Benson Elliot’s expertise in European real estate will complement and diversify the firm’s investment offering. As of the end of June, PineBridge managed $104.4 billion across global asset classes, from 21 offices worldwide and with about 700 employees.
Founded in 2005, Benson Elliot manages more than $3.5 billion of equity and holds a diversified portfolio of office, retail, hotel and residential assets across Europe, including in the U.K., Germany, France, Spain, Italy, Belgium and Poland. The company describes its strategy as consistently asset driven, value add, risk sensitive and exit focused. Benson Elliot has launched four European funds, the most recent of which, Benson Elliot Real Estate Partners V, closed in 2019 at €836 million ($981 million).
Marc Mogull, Benson Elliot’s executive chairman & chief investment officer, said the decision to join forces with PineBridge arose from a strategic review that began some months ago. The transaction remains subject to certain customary regulatory and other approvals. On completion of the deal, Benson Elliot’s entire team of 40 professionals will join PineBridge.
PineBridge was advised by Simmons & Simmons LLP and Perella Weinberg UK Ltd. Benson Elliot was advised by Travers Smith and Berkshire Global Advisors.
Diversification and loss
Benson Elliot’s investments run a gamut that includes an office development project near Milan, senior housing in the U.K. and in Madrid, and a mixed-use complex in Liege, Belgium.
That diversity is ongoing. Recent Benson Elliot acquisitions include a grocery-anchored convenience center in Berlin, for $76.9 million; an office park in Warsaw, for about $76.3 million; and a three-property Disneyland Paris hotel portfolio for nearly $282 million. The latter purchase was through a joint venture with Schroder Real Estate Hotels.
Of note, Benson Elliot co-founder Trish Barrigan died of cancer this past August at age 47. She is survived by her husband, Ian, and two children.