{"id":1004582023,"date":"2022-05-26T03:20:00","date_gmt":"2022-05-26T11:20:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004582023"},"modified":"2022-12-08T10:32:33","modified_gmt":"2022-12-08T18:32:33","slug":"legal-general-capital-enters-us-with-500m-investment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/legal-general-capital-enters-us-with-500m-investment\/","title":{"rendered":"Legal & General Capital Enters US With $500M Investment"},"content":{"rendered":"
\"Legal<\/a>

Josh Parker, Chairman & CEO, Ancora L&G LLC. Image courtesy of Ancora<\/p><\/div>\n

U.K.\u2013based Legal & General Capital<\/strong> has formed a 50-50 partnership with U.S. real estate developer Ancora <\/strong>to create a real estate platform that will develop and acquire life science, R&D and technology properties across the U.S.<\/p>\n

Under the partnership, LGC, one of the U.K.\u2019s leading financial services groups, will invest an initial $500 million of seed capital to form a new company, Ancora L&G LLC<\/strong>. Operating under the Ancora name, the business will focus \u201cpredominantly within emerging regional markets in the U.S. where early mover advantages are available.\u201d<\/p>\n

This venture is the first foray into the U.S. for LGC, which currently manages over $1.8 trillion of assets globally.<\/p>\n

Ancora will be capitalized by LGC to deliver $4 billion of existing pipeline and planned acquisition and development activity over the next five years. To accelerate scaling the portfolio, LGC is also seeking third-party co-investment partners.<\/p>\n

\n

READ ALSO<\/strong>: Cross-Border CRE Investment Hits Record High<\/a><\/p>\n

\n

The new venture is founded on the Ancora team\u2019s successful track record (more on this below) and on LGC\u2019s investing record in the U.K., which includes more than $5 billion currently committed to science and technology development projects at Oxford and Manchester universities.<\/p>\n

LGC\u2019s activities also include its joint venture with Bruntwood<\/strong> in developing 11 SciTech innovation districts across the U.K., a model that LGC would like to replicate in the U.S.<\/p>\n

Under the radar no more<\/h2>\n

Based in Durham, N.C., Ancora is a privately owned real estate firm founded about two years ago by Josh Parker, Jeff Kingsbury and John Philipchuck, who will now lead Ancora L&G LLC as chairman\/CEO, chief connectivity officer and chief investment officer, respectively.<\/p>\n

Ancora\u2019s Nicole Morrill will be chief real estate officer, and LGC\u2019s Kristina St. Charles will be general counsel and Sujee Rajah, also of LGC, will be chief finance officer.<\/p>\n

One of Ancora\u2019s major projects so far has been Electric Works, in Fort Wayne, Ind., the adaptive reuse of a former General Electric campus as a mixed-use development with more than 500,000 square feet of office space, along with retail space, a primary-care clinic, and a public market and food hall, Parker told Commercial Property Executive<\/em>.<\/p>\n

More typically, however, he explained, Ancora has worked under the radar, with \u201canchor institutions\u201d such as universities or academic medical centers to develop R&D, lab and related office space.<\/p>\n

Parker believes that opportunities are being presented by the democratization of R&D in the U.S. While the big biotech hubs like San Diego, the Bay Area and Boston \u201cwill always be what they are,\u201d Ancora is looking for the next generation of smaller tech hubs.<\/p>\n

R&D \u201cjust doesn\u2019t all have to be in one place in the U.S.,\u201d he said, especially given the potential of remote working that has been shown during the pandemic. Parker cited markets like Durham; Columbus, Ohio; and Salt Lake City as having untapped potential.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a partnership with Ancora, the U.K.-based firm will target life science and technology assets across the country.<\/p>\n","protected":false},"author":882,"featured_media":1004566771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21754,23891,21742,21747],"tags":[49879],"class_list":["post-1004582023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-medical-office","category-national","category-latest","category-office","tag-legal-general"],"acf":[],"yoast_head":"\nLegal & General Capital Enters US With $500M Investment - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Legal & General Capital has teamed up with Ancora to develop and acquire life science, R&D and technology properties across the U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/legal-general-capital-enters-us-with-500m-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legal & General Capital Enters US With $500M Investment\" \/>\n<meta property=\"og:description\" content=\"Legal & General Capital has teamed up with Ancora to develop and acquire life science, R&D and technology properties across the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/legal-general-capital-enters-us-with-500m-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-26T11:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:32:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/Image-by-ccfb-via-PixaBey-e1648137397532.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/legal-general-capital-enters-us-with-500m-investment\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/legal-general-capital-enters-us-with-500m-investment\/\",\"name\":\"Legal & General Capital Enters US With $500M Investment - 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