Legal & General Capital (LGC), a London-based financial services and asset management company that manages roughly $1.8 trillion in assets globally, is stepping into the U.S. market by entering a 50-50 partnership with stateside real estate developer Ancora. With an introductory $500 million of an overall $4 billion in seed capital, what will be known as Ancora L&G is looking to dominate property development and acquisition in the life sciences sector, with a focus “predominantly within emerging regional markets in the U.S. where early mover advantages are available.”
Ancora, for its parts, is tasked with moving forward on $4 billion of existing pipeline and planned A&D in the next five years. A number of third-party co-investment partners will also be offered a seat at the table as a means of accelerating this ambitious portfolio scaling. A milestone project of Ancora’s is Electric Works in Fort Wayne, Indiana, a reworked GE campus that is now a mixed-use facility featuring 500,000 square feet of office space as well as a primary care clinic, extensive retail space, and a public market.
LGC’s impressive U.K. investment history includes $5 billion tied to a score of science and technology development projects currently in the works at Oxford and Manchester universities. The company is also engaged in a joint venture with Bruntwood to develop more than ten science and technology innovation districts in the area. LGC signaled that that partnership is the basis for its U.S. plans.