![]() LGIMA’s Kristina St.Charles will move across from LGIMA as General Counsel and Legal and General’s Sujee Rajah, FCA ICAEW, will move across to Ancora L&G, LLC as its new Chief Finance Officer. market resonates with the way LGC has looked to deploy capital through leveraging strategic partnerships to invest in socially and economically useful developments around the globe.Īncora L&G, LLC will be led by Josh Parker as Chief Executive Officer, alongside John Philipchuck as Chief Investment Officer, Jeff Kingsbury as Chief Connectivity Officer and Nicole Morrill as Chief Real Estate Officer. Core to Ancora’s program-first approach is undertaking development activity in direct partnership with anchor institutions such as universities, academic medical centers, government, and research institutes with whom they have strong and long-lasting relationships. The firm acquires and develops real estate to serve high-growth science, technology, and innovation tenants in partnership with and proximate to leading U.S. LGC’s ability to access this opportunity via Ancora will set it apart from other sources of institutional capital seeking to participate in the market.”Īncora is a privately owned real estate firm based in Durham, North Carolina with team members in Baltimore, Boston, Chicago, Indianapolis, New York, and Washington, DC. This lack of scale creates high barriers to entry for investors and has made it particularly challenging for tenants to grow due to scarcity of supply. ![]() is the world’s largest commercial real estate market, the lab real estate market in particular is one of the smallest sectors among other commercial U.S. Notes Sir Nigel Wilson, Chief Executive of Legal & General Group, “While the U.S. Marking LGC’s first venture into the U.S., this partnership with Ancora forms an important part of its major growth strategy to deliver internationalization and attract third party capital. Legal & General Group currently manages over $1.8 trillion of assets globally and is increasing its presence in the U.S. Remaining committed to investing in the real economy to create a better society over the long term, for the first time we take this ethos to an international level beyond the UK’s town and city centers.” Observed Laura Mason, CEO of Legal & General Capital, “Through our partnership with Ancora, we will be able to leverage Legal & General’s significant experience in the science and technology sector in a new international market with strong growth potential. Bruntwood SciTech has quickly expanded over 11 UK locations, a model LGC will look to replicate across the U.S. LGC has a strong track record of establishing and scaling up innovative businesses and has led the way in driving science and technology growth through its Bruntwood SciTech partnership, the UK’s leading developer of innovation districts. As with other LGC investments, LGC aims to finance longer term cashflows and use them to back Legal & General’s annuity business, providing better value for policyholders and greater options for investors. To support future growth, LGC is seeking third party co-investment partners to accelerate scaling the portfolio. Ancora will be capitalized by LGC to deliver $4 billion (£3.2bn) of existing pipeline and planned acquisition and development activity over the next five years. ![]() The new venture builds on the successful track record of Ancora’s team and the investing record of LGC in the UK, including over $5 billion currently committed to science and technology development projects at Oxford and Manchester universities. ![]() where early mover advantages are available. Operating under the name Ancora, the business’ geographic focus will sit predominantly within emerging regional markets in the U.S. The deal will see Legal & General Capital investing an initial $500 million of seed capital to form a new company, Ancora L&G, LLC. Legal & General Capital (LGC) today announced that it has formed a 50:50 partnership with U.S.-based real estate developer Ancora to create a real estate platform dedicated to driving life science, research and technology growth across the U.S. ![]()
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