L&G's Proprium Capital Takes Over Management Of Fellow Real Estate Fund Manager
Proprium Capital Partners has expanded its European footprint, bringing in the real estate team from private equity firm BC Partners.
Under the terms of the agreement, 17 staff will join Proprium from BC Partners Real Estate, adding circa £730M to Proprium’s assets under management, according to the company. That takes its AUM to more than £3B. The value of the deal has not been disclosed.
L&G last year acquired a 75% stake in Proprium, which was founded in 2013, with a target to grow its private markets platform to £85B AUM by 2028. Proprium is active across the residential, student accommodation, hospitality and logistics sectors.
Last week, Proprium founders Tim Morris and Philip Westermann were appointed global co-heads of real assets at L&G.
BCPRE was established in 2018 and raised circa £730M for its debut European value-add investment strategy, BCPERE I Fund, in 2022. Assets within the portfolio include Edgar Suites, a Paris-based operating platform of short-stay apartments, and 1 Museum Street, a mixed-use scheme in London.
As part of the move, Stéphane Theuriau will become vice chair at Proprium, while Laurian Douin and Thibault Lauprêtre will be made partners. Based in Paris and London, they are expected to transfer to Proprium within Q1.
The deal means BC Partners will focus on its original business line of private equity.
The companies told Bisnow the partnership provides scale in an industry where they believe this is significant, especially given that BCPRE and Proprium’s management teams have been working together for decades. Both Proprium and BCPRE also have expertise in opportunistic and value-add investment.
"This is another milestone in delivering L&G’s strategy to build scale in our private markets offering and cement our position as a leading player in international real estate. Bolstering Proprium's team with new expertise will enable us to continue to provide an innovative and differentiated proposition,” L&G Asset Management CEO Eric Adler said in a statement.
