Control of AV Jennings to change again
Legal & General has bought a 75 per cent interest in real estate investor Proprium, which in Australia controls Avid, which last month bought out AV Jennings.
Also with commercial real estate in continental Europe and the United States, the buyer will tip in c$470 million.
Avid was the name Proprium gave to Investa Land which it bought for $340m in 2015.
In 2019, the company bought ASX-listed Villa World Limited.
Last month the US-group acquired local home builder AV Jennings – outlaying $377m, outbidding Singapore group HB Land.
Its book includes master-planned residential communities, apartments and resorts – with a focus on the east coast states.
Positioned for growth: L&G
L&G is UK-based.
“Recognising that international scale in private markets is key to delivering against L&G’s growth strategy, this strategic investment…will expand our geographical footprint, deepen our capabilities, broaden our investment strategies and diversify our product offering,” chief executive officer, Eric Adler, said.
“Through this acquisition, we are bringing clients a differentiated and diversified opportunity to access value creation in real estate sectors positioned for growth and scalability,” he added.
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