LONDON (Reuters) – British asset manager Legal & General is putting up to $200 million into U.S. rental homes as more investors bet the country’s battered real estate market can recover. promised to invest.
The FTSE 100 company, which manages £1.1 trillion ($1.4 trillion), also announced it has made an undisclosed strategic investment in Taurus Investment Holdings, a Boston-based private equity firm specializing in real estate. .
Several British investment managers, including L&G, are preparing to expand into U.S. commercial real estate, Reuters previously reported. The market was hit hard by high borrowing costs and changes in working arrangements, but has recently shown signs of recovery.
L&G’s initial commitment of up to $200 million to Taurus’ investment platform will focus on so-called multifamily rental real estate, a market that is doing better than other struggling areas such as office.
L&G aims for rapid growth in the private market, particularly in the United States, under a strategy developed by CEO Antonio Simos.
“Wealth management is a cornerstone of our growth strategy and our scale in global private markets is key to our ambitions,” Simoes said in a statement.
Taurus specializes in the purchase, sale, development and leasing of real estate in the rental residential and industrial sectors, primarily in the United States, but also in Germany and the United Kingdom.
($1 = 0.7713 pounds)
(Reporting by Iain Withers; Editing by Kirsten Donovan)
