Global investor takes 25% stake in property firm Langtree

Property firm Langtree, whose portfolio includes Sci-Tech Daresbury in Liverpool city region, has secured a multi-million pound injection from the investment arm of Prudential Financial. Tony McDonough reports

Techspace One
Techspace One at Sci-Tech Daresbury science and innovation campus


Property development and management firm Langtree has secured a multi-million pound cash injection from a major global investor,

Langtree has a property portfolio across the North of England which comprises 2.3m sq ft on 50 sites. These includes Sci-Tech Daresbury, Liverpool city region’s science and innovation campus which is home to almost 150 businesses. Its previous projects include Liverpool’s Festival Gardens and St Helens Rugby League stadium.

On Thursday evening it was revealed that PGIM Real Estate, the $1.4 trillion global investment management arm of US-headquartered Prudential Financial Inc, had taken a 25% stake in Warrington-based Langtree on behalf of an investment strategy. The exact value of the investment was not disclosed.

Prudential Financial Inc ranks among the top 10 asset managers in the world. It is not affiliated with Prudential plc, incorporated in the UK or with the Prudential Assurance Company. PGIM is one of the largest property managers in the world with $182.5bn in gross assets under management.

John Downes, Langtree’s chief executive and its majority shareholder, said: “We are delighted to have secured this equity investment into the business. PGIM Real Estate has tremendous strength in depth and a wealth of experience supporting joint ventures, which is a key aspect of our business.

“Their investment is a real show of confidence in what we are doing and gives Langtree a tremendous platform to grow, with new opportunities now being a real target.”

John Downes
Langtree chief executive John Downes


Langtree’s model includes a number of third-party management contracts comprising industrial, office and residential for clients that include PGIM Real Estate. It manages property for clients such as Warrington Council, Halton Council, and the Government’s Science & Technology Facilities Council. It has a staff of 40 people.

Charles Crowe, head of UK transactions at PGIM Real Estate, added: “We have worked with the Langtree team for more than 10 years on numerous ventures. They already manage more than £400m of investment and development assets on our behalf and so taking an equity share in the development business was a natural next step.

“Langtree has a strong management team with a wide range of expertise and together with the strengths that we can bring to the business, we are excited about the future and keen to start exploring new opportunities.”

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