Legal & General has bought a “material” equity stake in a US real estate investment group and handed it $200 million of seed money to buy and improve apartment blocks for rent.
The FTSE 100 investment group said the deal with Taurus Investment Holdings would help accelerate its plan to expand aggressively into private markets and reduce its reliance on traditional listed investments.
Taurus is based in Boston and develops, finances and leases out real estate developments across the US as well as in the UK and Germany. Founded in 1997, it manages assets worth $11 billion.
The deal has been structured so that L&G could lift its stake in Taurus further and ultimately take control. The company is owned by its management led by
