Legal & General has signed a deal with Taurus Investment Holdings to invest seed capital of $200m (£154m) in multifamily build-to-rent in the US.
The long-term partnership with the Boston-based, global real estate private equity firm further deepens L&G’s private markets capabilities in the region. At its capital markets event in June, L&G said it aimed to expand its global private markets platform to £85bn by 2028.
The deal also delivers on L&G’s strategic vision to build out a full-scale US real estate investment management capability. The firm also has a joint venture with Ancora, a US real estate developer committed to driving science and technology growth.
Taurus has leading expertise in the acquisition, development, financing, leasing and selling of multifamily and industrial real estate assets across the US, Germany and the UK, totalling more than $11bn (£8.5bn).
L&G launched its US asset management business in 2006 and has $231.9bn (£179bn) of assets under management across public and private markets.
António Simões, group chief executive officer at L&G, said: “We believe our partnership with Taurus will deepen our capabilities in US real estate so that our shareholders and clients can benefit from access to a fast growing, attractive market. Our strategic investment and additional commitment of up to $200m in seed capital reflects our belief in the strength of our combined offer.”
Alexia Gottschalch, head of US real estate equity at LGIM America, said: “The US represents a significant growth opportunity for Legal & General. Our partnership with Taurus accelerates our ability to capitalise on this market and significantly scale our expertise and execution capabilities.”
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