Danish pension fund PenSam has partnered with UK-based real estate investment manager Vengrove to launch a separately managed account focused on light-industrial and logistics real estate across the UK, Germany, and France.
Under the agreement, Vengrove will deploy an initial €200M on behalf of PenSam through a newly created platform named VRE Evergreen Logistics Partners, according to a news release. Founded in 2013, Vengrove manages value-add and core-plus real estate strategies across Europe, with a focus on industrial and logistics. The firm is backed by institutional capital and manages assets across the risk spectrum.
The platform will pursue investments with a core-plus risk-return profile, targeting assets that offer stable income with upside through active management, development, or repositioning. The long-term structure of the vehicle gives it the flexibility to hold or trade stabilized assets, with proceeds reinvested into the strategy.
The portfolio will include a diversified mix of institutional-grade logistics assets, ranging from managed-to-core properties to new developments, in supply-constrained urban markets with strong occupational demand. Environmental, Social, and Governance performance is expected to play a central role in asset selection and management.
This marks PenSam’s second major logistics initiative in Europe. Last year, it committed a similar amount of capital to a joint venture with Cromwell Property Group focused on light-industrial assets in the Nordic region.
