Kirkland Advises Proprium on Sale of Majority Stake to Legal & General
Kirkland & Ellis is advising Proprium Capital Partners, a privately held real estate-focused principal investing firm, on the sale of a 75% stake to Legal & General plc (L&G). As part of the acquisition, L&G will commit up to $300 million of capital to support Proprium’s future fund strategies.
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, all of which will be enhanced by working as part of the wider L&G Private Markets platform. This transaction is expected to close by Q4 2025, subject to regulatory and antitrust approvals.
The Kirkland team is led by asset management M&A lawyers Adrian Duncan and Christopher Gandia; corporate lawyers Charles Hébert and Arthur Le Calvez; investment funds lawyers Amran Hanif, Rafeeq Khazin, Florence Zhang and William Urukalo; tax lawyers Lee Morlock, Chris Odell, Ian Ferreira and Kunal Nathwani; financial services regulatory lawyer Albert Weatherill; and executive compensation lawyers Matt Wood and Jenny Cha.
