Vantage, the land lease community brand of AVID Property Group, has marked its first year in the burgeoning sector.
In March last year, AVID spent $284.5 million to acquire eight Living Gems communities, officially launching the brand. The company also earmarked 2,000 sites from its existing residential portfolio for development as land lease communities, with plans to invest over $800 million in the next six years to create six Vantage lifestyle projects.
AVID’s owner, global real estate investor Proprium, has agreed to sell a 75% stake to Legal & General (L&G), as announced on 19 May. The acquisition accelerates L&G’s private markets growth ambitions, expands its real estate capabilities, and opens access to new geographies.
L&G is one of Europe’s largest asset managers and a leading real estate owner and manager in the UK, with a growing platform in the US. As part of the acquisition, L&G will commit up to $300 million of capital to support Proprium’s future fund strategies.
Proprium had purchased housing and industrial developer Investa Land in 2015 for $340 million and renamed it AVID Property. In 2019, AVID acquired ASX-listed Villa World, and last month it purchased AVJennings for $369 million.
As part of L&G's acquisition, Proprium’s management team will continue to operate independently from an operational, day-to-day perspective, maintaining its current leadership structure, teams and investment process.
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