Our History

Pre - 2010

• Proprium’s founding partners led Morgan Stanley's Real Estate Special Situations group, which focused on opportunistic investing in real estate platforms

  • In 1998, Tim Morris became Chief Investment Officer of Morgan Stanley’s Real Estate Special Situations. During his tenure, Mr. Morris held various additional roles across the Morgan Stanley Real Estate Investing (“MSREI”) platform, including Global CFO, Global COO, Head of Asia, and Co-Head of Europe

  • After working at Morgan Stanley Private Equity, Philipp Westermann served as European Portfolio Manager for the Morgan Stanley Real Estate Special Situation Fund Series (“SSFs”) and lead of MSREI UK Real Estate investing

  • After investing with Morgan Stanley Private Equity Asia and Apax Partners, Thomas Wong served as Executive Director of the MSREI platform, focused on Asian investing for SSF III

2010 - 2012

• As a result of the Dodd-Frank Act, Morgan Stanley was compelled to convert its open-end Real Estate Special Situations Fund into a closed-end structure and liquidate the fund’s holdings over time

• Happy with the performance and structural flexibility of the open-end vehicle, existing LPs expressed interest in committing capital to a new global real estate fund managed by the leaders of the Real Estate Special Situations team

2013

• Following a majority vote from the Real Estate Special Situations Fund’s existing LPs, Morgan Stanley and Proprium’s partners were given the green light to:

1. Allow the fund’s leaders to spin out and launch a new firm (Proprium)

2. Assign Proprium a sub-advisory mandate to manage the wind-down of the Morgan Stanley fund

3. Launch a new Proprium-managed global real estate fund with an Opportunistic Real Estate strategy
   similar to the strategy that Proprium’s leaders had implemented at Morgan Stanley

• A group of seven former Morgan Stanley Real Estate Special Situations professionals launched Proprium Capital Partners

  • From 2013 to 2015, four additional former Morgan Stanley Real Estate professionals joined Proprium

2014

• Proprium began raising and investing a “Global Flagship Fund” with a 10-year investment and recycling period

• By the end of 2014, Proprium’s AUM reached $300 million

2015

• Proprium launched an Australian Residential Development Platform co-investment fund that raised $120 million

• By the end of 2015, Proprium’s AUM reached $700 million

2016

• Proprium joined forces with Anton Capital to launch Proprium Capital Partners Australia (“PCPA”), catalyzing the firm’s Australian investment business with a local investment team that possessed deep geographic and operating partner expertise

  • In connection with the transaction, Anton Capital co-founders Anthony Kingsley (formerly Head of Investing for Morgan Stanley Real Estate Australia) and Tony Martin (formerly a Managing Director and COO of Brookfield Real Estate Australia) joined Proprium as Partners of PCPA (the Australian division of Proprium)

2019

• Proprium launched two new co-investment funds and raised additional capital to continue the expansion of an existing operating platform

  • $370 million raised for a European Hotel Platform

  • $200 million raised for a Chinese Cold Storage Platform

  • $30 million growth capital raised for the Australian Residential Development Platform

• By the end of 2019, Proprium’s AUM reached $1.9 billion

2020

• Proprium launched a Chinese Rental Apartment Platform co-investment fund raising $150 million

2021

• Existing investors committed an additional $150 million to the Chinese Rental Apartment Platform

2022

• Proprium launched a UK Pub Platform co-investment fund which raised over $100 million

• By the end of 2022, Proprium’s AUM reached $2.7 billion

2023

• Launched a European Hostel Platform co-investment fund raising over $500 million

• Launched a Japanese Multifamily Platform co-investment fund which raised $160 million

• By the end of 2023, Proprium’s AUM reached $4.1 billion

2024

• Proprium launched two European Purpose-Built Student Housing Platform co-investment funds which raised $110 million in total

• At the conclusion of a 10-year investment period for the Global Flagship Fund, Proprium stopped recycling capital within the fund and began making distributions back to investors

• During the year, Proprium monetized its European Hotel Platform, allowing for an $800 million distribution back to investors

2025

• Became part of L&G. The 75% acquisition brought together the complimentary capabilities of both businesses to accelerate growth at a time of immense opportunity in the global real estate market, bringing forward new opportunities for investors. L&G is one of Europe’s largest asset managers and a leading real estate owner and operator in the UK, with a growing US platform

Present

• Proprium’s current AUM has grown to $3.3 billion with 6 offices around the globe. Since its founding, Proprium has invested over $3.0 billion of equity into 35 investments across 11 countries and has distributed over $1.2 billion back to investors