Elandis and M&G Investments announce multifamily joint venture
London-based M&G makes its entry into the American multifamily market
Elandis, a real estate ownership and property management subsidiary of the Libra Group, today announced the launch of a transformative joint venture platform focusing on multifamily assets in the US between Libra Group and international asset manager, M&G Investments.
M&G Investments has committed an initial $50 million of equity to the JV which will focus on acquiring and repositioning undervalued workforce multifamily communities across the Sunbelt region, particularly in high population- and job-growth markets including Florida, North Carolina, South Carolina, Georgia, Texas and Nevada. The plan is for the JV to invest and quickly grow beyond the initial equity commitment.
Having acquired 3,000 multifamily units since 2009, Elandis will leverage its proven track record and existing relationships across Sunbelt states with an addition of capital from one of the most prestigious global institutional investors. This allows for the procurement of high-yielding assets in competitive markets.
“The opportunities within the multifamily housing sector have made it a preferred product type among a variety of investors, thanks to strong fundamentals across the Southeast and Southwest,” said Frank Espinosa, CEO of Elandis. “Through this partnership we look forward to the success of this initiative and a future of sustained growth.”
“We are extremely pleased to enter this partnership with Elandis and actively engage the American market,” said William Nicoll, CIO of Private & Alternative Assets M&G Investments. “This is an encouraging time for multifamily investment, and we look forward to working alongside Elandis in this endeavor.”
George Logothetis, Chairman and CEO of the Libra Group added: “We are very proud to partner with this highly respected investment house and look forward to a long and fruitful relationship with their outstanding team as we invest in the all-important USA social housing sector”.
Celebrating 10 years of investment throughout the U.S., Elandis will experience a new stage of growth with the additional backing of large-scale resources and institutional capital from M&G Investments.
Elandis will use its vertically integrated expertise of investment and management to maximize the value of each property through tenant retention and capital improvements programs. Raising residents’ quality of life and enhancing the surrounding communities are core values to Elandis and its investment strategy.
With more than 80 years of experience and headquartered in the UK, M&G invests in a variety of assets including real estate on behalf of pension funds, insurance companies, consultants and sovereign wealth funds.
Based in New York and London, Libra Group is a diverse international business group active in 35 countries across six continents. Focusing on aviation, energy, hospitality, real estate, shipping, and diversified investments, Libra Group’s real estate interests span over 20 countries.