Pictet Group Acquires 73 Residential Apartments in West London for New Real Estate Fund
Pictet Group’s Alternative Investment Business Acquires 73 Residential Apartments in West London for Elevation II Fund
In a strategic move to address the growing demand for rental properties in London, Pictet Group’s alternative investment arm, Pictet Alternative Advisors (PAA), has acquired 73 newly built residential apartments in West London for its latest European value-add direct real estate fund, Elevation II.
The purchase price for the acquisition is believed to be close to £30m (€34.8m), with PAA partnering with Pinnacle Investments for this joint venture. This marks the inaugural acquisition for Pictet’s Elevation II fund, which is the sequel to the successful Elevation I fund that raised €700m in 2020.
Situated in Lampton Park in Hounslow, the 73-unit asset spans over 50,000 square feet across two connected blocks as part of a larger regeneration project. PAA sees this investment as an opportunity to address the shortage of professionally managed multifamily developments in the UK rental market, as more households opt for renting over ownership.
Ed Jackson, head of UK direct real estate at PAA, emphasized the importance of creating affordable, energy-efficient homes in well-located neighborhoods in London. The investment strategy includes implementing green initiatives such as solar panels and EV charging points to enhance the properties’ sustainability.
With a focus on easing the supply-demand disparity in the London residential market, PAA aims to establish a high-quality, institutional-grade portfolio to meet the growing demand for rental properties in one of Europe’s strongest investment markets. This acquisition sets the stage for further investments to create a significant impact on the London rental sector.
As Pictet Group’s alternative investment business continues to expand its real estate portfolio, the focus remains on providing tenants with modern and sustainable living spaces while contributing to the community through various support and green initiatives.
