L&G Buys Majority Stake in Real Estate Investor Proprium Capital

Legal & General Group Plc has agreed to buy a 75% stake in real estate investor Proprium Capital Partners, the latest move by Chief Executive Officer António Simões to boost the group’s private markets business.

Proprium managed $3.5 billion in assets at the end of December with about 60% of its portfolio invested in Europe, according to an emailed statement Monday. The Stamford, Connecticut-based firm, which was spun out of Morgan Stanley in 2013, is currently invested in Germany’s A&O hostels as well as Admiral Taverns in the UK.

As part of the deal, L&G will commit as much ...