![]() ![]() Centers for Disease Control, will anchor the project and Brown University has also signed a letter of intent to lease 20,000 sq. ft state-of-the-art laboratory, funded by the U.S. In line with this ambition, Ancora L&G has recently been selected as the preferred developer of a public health laboratory in Providence. Bruntwood SciTech has quickly expanded over 11 UK locations, a model LGC will look to replicate across the US in partnership with Ancora. LGC has a strong track record of establishing and scaling up innovative businesses and has led the way in driving science and technology growth through its Bruntwood SciTech partnership, the UK’s leading developer of innovation districts. Legal & General’s ability to access this opportunity via Ancora sets it apart from other sources of institutional capital seeking to participate in the market. This lack of scale creates high barriers to entry for investors and it has been particularly challenging for tenants to grow due to scarcity of supply. ![]() one of the smallest sectors among other commercial asset classes. However, the lab real estate market in particular comprises only 166 million sq. The US is the world’s largest real estate market at c.$9 trillion in value. They build significant momentum for future growth of the Ancora L&G partnership, while laying the groundwork for LGC’s wider US expansion.” 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. Wes Erlam, Managing Director of Urban Regeneration, Legal & General Capital said: “As LGC drives forward its ambition to internationalize, 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 opportunity to acquire the asset was secured through a competitive process run by Eastdil Secured. The asset is currently leased and occupied by four tenants: Georgia Tech, CardioMEMS, Kemira Chemicals, and VERO Biotech. Georgia Tech’s capabilities in research and commercialization, the emerging life sciences/tech industry in Atlanta, and its economic dynamism, make for strong demand indicators at site. Atlanta is a top 25 US life science cluster market with strong forecast growth over the next 10 years. The project meets its ambition to invest in and build a premium portfolio of science and technology assets in emerging US markets, in partnership with high quality anchor institutions. Class A life science/lab building in the Science Square Innovation District adjacent to Georgia Institute of Technology’s (GeorgiaTech) campus in Atlanta, Georgia. Marking the first acquisition for the new partnership, Ancora L&G has acquired 387 Technology Circle NW, a 128,000 sq. The new joint venture builds on the successful track record of Ancora’s team and the investing record of LGC in the UK, including over $5 billion currently committed to science and technology development projects at Oxford and Manchester universities. Legal & General Group currently manages over $1.8 trillion of assets globally and is increasing its presence in the US for both equity and debt vehicles. Through an initial seed capital investment of $500 million from LGC, Ancora L&G will be capitalized to deliver $4 billion of existing US pipeline and planned acquisition and development activity over the next five years. of lab, science and technology space, acting as a major catalyst for innovation growthĪtlanta, GA -News Direct- Legal & GeneralĪs part of its business plan to internationalize, Legal & General Capital (LGC) has secured its first US science and technology projects through its newly formed joint venture, Ancora L&G.Įarlier this year, LGC formed Ancora L&G with US-based real estate developer, Ancora, to create a real estate platform dedicated to driving science and technology growth across the US. The sites in Atlanta, GA and Providence, RI will deliver over 300,000 sq. ![]()
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