L&B Realty Readies For UK

DALLAS-Locally based L&B Realty Advisors LLP has joined forces with Mayfair Capital Investment Management Ltd. in London to invest in United Kingdom assets on behalf of L&B’s U.S. pension fund clients. The joint venture, dubbed L&B Mayfair Partners, plans to invest $250 million during the next couple of years.

L&B CEO Andy Smith tells GlobeSt.com he and his executive team vetted eight British firms over the past 18 months to find the right fit. Mayfair Capital, he says, has a similar culture to that of L&B, so the fit was good. L&B Mayfair Partners is interested in senior housing, because demand for that product is likely to be strong.

“They have the highest level of home ownership in the UK of any country in the world, so there aren’t a lot of apartments,” Smith explains. “But because all of us are getting older, the need for such care homes is taking place.”