Taurus Investment and Aegon Asset Management have entered into a $600m (鈧�518.4m) partnership to buy value-add US multifamily assets with a plan to reduce the carbon emissions of the properties.
The companies have agreed the four-year ESG-centric decarbonisation venture to acquire assets and considerably reduce the energy consumption and carbon output of those assets.
As part of the venture, RENU Communities, a subsidiary of Taurus, will evaluate and apply its retrofit programme aiming to transition the assets to low-carbon, energy-efficient buildings.
The venture first investment is the recapitalisation of Canopy Villa Apartments, a 1981 vintage, 296-unit apartment complex located in Orlando, Florida.
Peter A Merrigan, CEO of Taurus Investment, said: 鈥淭aurus and Aegon AM have made a commitment to building a business that delivers returns to our investors, while also positively impacting both society and the environment, so it only makes sense to partner for this substantial decarbonization venture.鈥�
Alexia Gottschalch, the global head of client strategy at Aegon鈥檚 real asset arm and US head of equity real assets, said: 鈥淭he strong return potential and durable cash flows of the multifamily value-add strategy paired with this accretive, one-of-a-kind decarbonisation initiative aims to set the standard for a new way to approach these investments.鈥�
Evercore Real Estate Capital Advisory acted as financial advisor to Taurus.
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