Legal & General Capital (LGC) and Ancora’s new US life-science and technology real estate investment venture has secured its first projects.
Ancora L&G has acquired 387 Technology Circle NW, a fully-let 128,000sqft Class A life science/lab building in the Science Square Innovation District, adjacent to Georgia Institute of Technology’s campus in Atlanta.
LGC said Ancora L&G has also recently been selected as the preferred developer of a public health laboratory in Providence. An 80,000sqft laboratory, funded by the US Centers for Disease Control, will anchor the project and Brown University has also signed a letter of intent to lease 20,000sqft of private laboratory space.
Back in May, LGC, investing on behalf of insurer Legal & General’s institutional retirement business and third-party clients, partnered with US-based property developer Ancora to form the Ancora L&G platform to fund assets across multiple regional US markets.
LGC said it is seeking third-party co-investment partners to help grow the Ancora L&G platform.
Wes Erlam, managing director of urban regeneration at Legal & General Capital said: “As LGC drives forward its ambition to internationalise, it is a testament to the business’s investment appetite and the quality of our teams that we have secured our first projects just months after forming the new Ancora L&G joint venture.
“The development in Georgia is an exemplar of the types of projects we will look to invest in, located in areas of significant growth potential with high-quality anchor institutions as key stakeholders in each project. They build significant momentum for future growth of the Ancora L&G partnership while laying the groundwork for LGC’s wider US expansion.
Josh Parker, CEO Ancora L&G, said: “These new projects are a significant start to our partnership with Legal & General. With the addition of new lab space and our backing by established anchor institutions, we are pleased that our partnership is already delivering real results for both our US clients and UK investors.
”With the appetite for more investment and building of new sites, we look forward to a positive momentum as we move forward with our growth plans.
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