Belay Investment, a Los Angeles-based value-add real estate investor, has made a $75m (鈧�63m) commitment to a last-mile logistics fund managed by emerging manager Elion Partners.
Eliza Bailey, a managing principal in charge of investment and asset management activity at Belay Investment, said: 鈥淚t鈥檚 ideal when an operator is able to combine the energy, passion, and entrepreneurial spirit of an emerging manager with the wisdom and capabilities cultivated over decades of real estate operations, as is the dynamic at play at Elion Partners.
鈥淲e at Belay have been impressed by Elion鈥檚 measured and strategic approach to growth while building out a best-in-class team of sector specialists, and we鈥檙e thrilled to be working alongside them at this pivotal moment in Elion鈥檚 ascendance as they build a presence in the institutional world.鈥�
Jake Loughridge, a senior vice president of Investments at Belay Investment, said: 鈥淭his was a very exciting opportunity to invest into a seed portfolio of high quality, well-located, cash flowing industrial assets.
鈥淯nderwriting the seed assets provided the ability for Belay to both experience Elion鈥檚 asset management process in real-time and evaluate its underwriting capabilities.鈥�
Lindsey Sugar, a senior managing director of capital markets at Elion Partners, said: 鈥淭he capital commitment by Belay represents an important milestone in the institutional growth of Elion鈥檚 platform. We are honoured to welcome Belay as a partner and look forward to a long-term relationship.鈥�
Juan DeAngulo, a managing partner at Elion Partners, said, throughout the pandemic, Elion remained active and has deployed $230m in equity to date for its latest investment vehicle and is continuing to identify compelling pipeline acquisitions in line with its investment strategy.
鈥淥ur ground-level approach to sourcing opportunities early, beyond bidding wars, has allowed us to keep our basis low in an environment where pricing is inflating.
鈥淲e look forward to acting on our pipeline of compelling opportunities not typically accessible to larger allocators.鈥�
Elion Partners is a private equity real estate investment firm focused on last-mile logistics real estate, targeting core logistics hubs in infill coastal markets.
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