Legal & General and PGGM announce ,~375m London Office JV.
Legal & General Capital and Dutch pension fund manager, PGGM, have today announced the launch of a London Office joint venture partnership and successfully completed its first ,~67 million investment - 72 Broadwick Street in Soho. The joint venture initially has an allocation of circa ,~375 million to invest.
The joint venture model of investing in property is attractive as it enables co-investment with a trusted partner who has local expertise and knowledge, along with providing a high degree of control over the investment.
The joint venture has been set up to source attractive Central London office investments which provide superior growth prospects due to neighbouring infrastructure and regeneration projects, as well as significant asset management opportunities. With a focus on impact investment, the Partnership will look to integrate material environmental, social and governance (ESG) aspects throughout its assets, in turn realising a strong ESG performance.
Legal & General Property (LGP) will lead the acquisitions process and act as the fund manager for the joint venture. The joint venture will focus on office properties where LGP can use its specialist asset management skills to realise value through repositioning and redevelopment. The joint venture will be looking for assets ranging between ,~30m - ,~90m which require significant improvement and where they can be part of a wider regeneration story.