M&G Real Estate and TPG Real Estate have formed a £700 million ($859 million) strategic joint venture to manage and grow the Active Growth Logistics Partnership (AGLP).
Created by M&G for its £129 billion ($158 billion) With Profits Fund, AGLP is the United Kingdom’s fourth-largest multi-let industrial portfolio at 6 million square feet, occupied by 630 businesses that serve communities across the country in strategically valuable locations. The new partnership sees TPG Real Estate acquire a 50 percent equity stake in AGLP from M&G, with M&G retaining 50 percent and remaining as asset manager on the portfolio.
The partnership with TPG Real Estate, an experienced investor in pan-European logistics, builds on the success of the AGLP platform. Together, M&G and TPG Real Estate will drive further value across the platform, including a planned £53 million capital expenditure program to strengthen asset quality and sustainability. The joint venture c
