LGGNY - Legal & General Group forms U.S. venture to invest in life science tech real estate

A unit of Legal & General Group (OTCPK:LGGNY) (OTCPK:LGGNF) is forming a 50-50 partnership with closely held U.S.-based real estate developer Ancora to create a real estate platform focused on investing in life science, research, and technology growth in the U.S. Legal & General Capital ("LGC") will invest an initial $500M of seed capital to form the new company, Ancora L&G, that will focus on emerging regional markets in the U.S. Ancora will be capitalized by LGC to deliver $4B (£3.2B) of existing pipeline and planned acquisition and development activity over the next five years. LGC is seeking third-party co-investment partners to accelerate scaling the portfolio. As with other LGC investments, LGC aims to finance longer term cashflows and use them to back Legal & General’s (OTCPK:LGGNY) annuity business. Legal & General Group (OTCPK:LGGNY) currently manages more than $1.8T of assets globally and is increasing its presence in the U.S.

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Legal & General Group forms U.S. venture to invest in life science, tech real estate