Taurus and Aegon join forces for $600m "ESG-centric" venture
Taurus Investment Holdings and Aegon Asset Management have entered a four-year, $600 million venture to invest in US multifamily properties.
The venture will acquire assets across the US, after which Taurus subsidiary Renu Communities will undertake a retrofit programme for each asset with the intent to make them zero carbon and low energy buildings. Renu introduces energy efficiency upgrades, onsite renewables production and electrification of all services in order to reduce emissions and energy use.
The first investment will be the recapitalisation of Canopy Villa Apartments, a 296-unit apartment complex in Orlando, Florida, which was built in 1981.
Previous projects by Renu include South Winds (pictured above), a 404-unit complex in Fall River, Massachusetts. Renu has installed LED lighting, upgraded insulation, installed heat pumps and fitted rooftop solar panels.
“Taurus 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,” said Peter A. Merrigan, CEO of Taurus.
“The strong return potential and durable cash flows of the multifamily value-add strategy paired with this accretive, one-of-a-kind decarbonization initiative aims to set the standard for a new way to approach these investments,” said Alexia Gottschalch, global head of client strategy, Aegon Real Asset and US head of equity real assets.