Finance group Legal & General has agreed to acquire a 75% stake in real estate investor Proprium, as the company sharpens its focus on private markets under chief executive Antonio Simoes.
Proprium has $3.5 billion of assets under management in global real estate private equity.
The deal is expected to close by the fourth quarter of this year, L&G said in a statement. It did not disclose the purchase price.
Proprium is active across residential, student accommodation, hospitality, and logistics sectors, with past investments including stakes in Motel One.
Its current investments include a&o hostels in Germany, Admiral Taverns in the UK, and Avid in Australia.
In the last 18 months, Proprium has sold more than $1.8 billion of assets; acquired $1.6 billion of assets and has distributed more than $800m to investors and secured over $600m in equity commitments.