Legal & General Group Plc (LGEN.L), an asset manager and real estate owner, said on Monday that it has inked a deal to acquire a 75% stake in the real estate investor, Proprium Capital Partners. The transaction is expected to be closed by the fourth quarter.
Proprium is a $3.5 billion asset under management, or AUM, real estate private equity firm that will boost the real estate capabilities of the acquirer and accelerate L&G's strategic ambitions in Europe and APAC. As part of the transaction, L&G will commit up to $300 million of capital to support Proprium's future fund strategies.
Eric Adler, CEO, Asset Management, L&G, said: "Recognising that international scale in private markets is key to delivering against L&G's growth strategy, this strategic investment in Proprium will expand our geographical footprint, deepen our capabilities, broaden our investment strategies, and diversify our product offering."
Post-transaction, Proprium's management team will continue to operate independently. Founded in 2013, Proprium is a spin-out of the Morgan Stanley Real Estate Special Situations team, with a focus on investing in real estate operating companies with scalable investment themes. Proprium functions across residential, student accommodation, hospitality, and others.
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