L&G targets global markets: acquired 75% of Proprium Capital Partners
19 MAY, 2025
Legal & General announced today the acquisition of 75% of Proprium Capital Partners, a company specializing in real estate investments with 3.5 billion dollars under management. The operation represents a fundamental step in L&G's expansion strategy in private markets, aiming to reach 85 billion pounds in assets under management in the sector by 2028.
Given that increasing our presence in private markets is essential to continue L&G's growth strategy, this investment in Proprium will expand our global presence, enhance our capabilities and diversify our offering. Through this acquisition, we will be able to offer our clients a diversified and unique opportunity to access the value creation generated by the best positioned real estate sectors for growth and scalability.
Eric Adler, CEO of L&G's Asset Management division
Founded in 2013 as a spin-off of the Real Estate Special Situations team at Morgan Stanley, Proprium boasts a solid track record in key real estate segments such as residential, hospitality, logistics and student housing, with significant stakes in Europe, the United Kingdom and Australia. Over the past 18 months, the company has moved assets worth over 3.4 billion dollars through sales and acquisitions, redistributing about 800 million dollars to investors.
As Proprium, we are excited about the partnership signed with L&G and to be able to rely on its financial capabilities and growth objectives. Its investment opens new doors on international markets, as the company has announced its intention to expand its global real estate branch, representing a significant turning point for the evolution of our platform, at a time when immense opportunities are observed.
Tim Morris and Philipp Westermann, Co-Managing Partners of Proprium Capital Partners
The integration will allow L&G to accelerate its presence in key areas such as Europe and APAC, benefiting from Proprium's strong presence (about 60% of the portfolio is already positioned in Europe). The agreement also provides that L&G will invest up to 300 million dollars of its own capital to support the future investment strategies of Proprium funds.
Operational synergies and management independence
Despite the acquisition, Proprium will maintain its operational independence. The management team will continue to operate autonomously, maintaining managerial structure, team and decision-making processes, but with the strategic advantage of accessing L&G's Private Market platform. This combination promises to unite complementary skills in a context of strong global demand for value-add strategies, capable of offering returns in a complex macroeconomic context.
With a real estate portfolio already worth 22 billion pounds, L&G further strengthens its offer ranging from urban regeneration projects to low-cost housing solutions. After entering Taurus in the United States, the Proprium operation represents another decisive step towards global leadership in private markets.
