Global real estate investor Proprium Capital Partners has agreed a strategic partnership with BC Partners Real Estate, in a deal that adds circa $1bn to Proprium’s assets under management.
Under the terms of the agreement, 17 highly experienced individuals, led by BCPRE partners Stéphane Theuriau, Laurian Douin and Thibault Lauprêtre, will join Proprium to complement the firm’s existing capabilities.
Theuriau will become vice chairman at Proprium, while Douin and Lauprêtre will be made partners. Based in Paris and London, the team is expected to transfer over to Proprium in Q1 2026, subject to relevant approvals and implementation measures.
Founded in 2013, Proprium focuses on investing in real estate operating companies with scalable investment themes and experienced management teams. L&G acquired a 75% stake in Proprium last year.
Philipp Westermann, head of Europe and a co-managing partner of Proprium Capital Partners: “We are incredibly excited to welcome colleagues who share our DNA, ambition and culture. Having worked with Stéphane and some of his team since the early 2000s, I have no doubt they will add tremendous value and complement our existing capabilities. By joining forces, we will enhance our platform investing approach and deepen our European presence.”
Theuriau added: “As part of BC Partners, we have built a successful real estate strategy that continues to create value across Europe. The resilience of our portfolios through an unprecedented period for the real estate sector underscores the strength of both our model and our team, and we see significant opportunities ahead. Proprium shares our values and vision for the future, and we look forward to joining them to scale the Proprium platform. Together with my partners, I would like to thank BC Partners for their trust, support and collaboration.”
Eric Adler, asset management CEO at L&G, said: “This is another milestone in delivering L&G’s strategy to build scale in our private markets offering and cement our position as a leading player in international real estate. Bolstering Proprium’s team with new expertise will enable us to continue to provide an innovative and differentiated proposition that meets the long-term needs of our clients across geographies. Having worked together and followed this team’s successful journey over two decades, I have high confidence in our cultural compatibility and look forward to driving value for our clients together.”
Raymond Svider, chairman of BC Partners, added: “I would like to thank Stéphane and the whole BC Partners Real Estate team for their dedication and hard work in building a leading investment platform. As we continue our focus on BC Partners’ core strategies of private equity and credit, the time is now right for the BC Partners Real Estate platform to join forces with Proprium to enter its next chapter of growth. Together with Proprium, the BC Partners Real Estate team will be well positioned to continue its strong investment record and deliver sustainable value for all its stakeholders, and we look forward to participating as a partner in this future success.”
