Aegon Asset Management closes first deal in ESG-centric venture

CHICAGO, May 26, 2022 /PRNewswire/ -- Aegon Asset Management (Aegon AM) is pleased to announce the successful completion of an equity investment for Canopy Villa Apartments, the first asset within its $600 million ESG-centric equity venture with Taurus Investment Holdings LLC (Taurus) to acquire value-add multifamily assets and considerably reduce the energy consumption and carbon output of those buildings.

Canopy Villa Apartments is a 1981 vintage, 296-unit apartment complex located in Orlando, Florida. Under the partnership, Aegon AM and Taurus Investment Holdings will leverage their multifamily value-add investment expertise to manage the investment, while Taurus' subsidiary RENU Communities will apply its tailored retrofit program aiming to transition Canopy to a low-carbon, energy efficient building.

"Canopy Villa Apartments is a great fit for the value-add and energy retrofit strategy and we are very excited to kick off the venture with this closing," said Alexia Gottschalch, Global Head of Client Strategy Aegon Real Asset and US Head of Equity Real Assets. "Aegon AM is committed to this one-of-a-kind decarbonization effort, which aligns with our net zero emissions target."

Commercial and residential properties in the US contribute slightly over 30% of greenhouse gas emissions annually. The goals of the real estate investments and energy improvements made by Taurus' RENU subsidiary include significant reductions in both energy use and operational carbon emissions, primarily through energy efficiency upgrades, onsite renewables production and electrification of all services. The program offers multiple potential benefits for both tenants and the property owner including a lower energy profile and onsite energy production via solar panels, as well as energy storage where possible. In addition, zero combustion of hydrocarbons onsite translates to better air quality for occupants and the surrounding community.

"The simple reality is that existing buildings are often more inefficient as they age. Given Canopy's 1981 vintage, there is a significant opportunity for RENU to enhance the property through our tailored retrofit program," said Chris Gray, PhD., Chief Technology Officer of RENU Communities. "At Canopy we will aim to reduce its carbon footprint by more than 50%, greatly improving property operations and the quality of life for residents."

About Aegon Asset Management

Aegon Asset Management is comprised of active global investors. Our 385 investment professionals manage and advise on assets of $432 billion as of March 31, 2022 for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations.

We organize our investment capabilities around four focused investment platforms where we have extensive asset-class expertise: fixed income, real assets, equities and multi-asset & solutions. Each platform has dedicated teams, organized globally and committed to maximizing their specialist areas. These platforms are supported by teams dedicated to responsible investing and multi-management.

By organizing our investment teams globally, we work to harness our expertise and research resources across regional boundaries. We believe this enhances our performance potential and helps provide better investment outcomes for clients.

Across platforms, we share a common belief in fundamental, research-driven active management, underpinned by effective risk management and a commitment to responsible investment. Our investment platforms have the flexibility to organize their resources and processes to best suit their area of focus.

We are a global business: Our 1,200 employees work across Europe, the Americas and Asia. We invest globally and serve clients locally.

For more information about Aegon Asset Management, visit aegonam.com.

About Taurus Investment Holdings, LLC
Established in 1976, Taurus is a global real estate private equity firm with over 45 years of experience as a general partner, investor, and operator. By empowering and combining the strength of in-house experts in the fields of multifamily, office, logistics, mixed-use, and renewable energy, the firm has created targeted, scalable investments into value-add, core-plus, and development opportunities.

Taurus is focused on using innovative energy efficient technologies to make the extensive infrastructure investments required to decarbonize residential and commercial buildings through its EcoSmart Solution and RENU Communities affiliates.

Throughout North America and Europe, Taurus is consistently recognized as one of the premier owners of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and developed more than 67 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $9.8 billion. www.tiholdings.com.

This material is provided by Aegon Asset Management (Aegon AM) as general information and is intended exclusively for institutional and wholesale investors, as well as professional clients (as defined by local laws and regulation) and other Aegon AM stakeholders. This document is for informational purposes only in connection with the marketing and advertising of products and services, and is not investment research, advice or a recommendation. It shall not constitute an offer to sell or the solicitation to buy any investment nor shall any offer of products or services be made to any person in any jurisdiction where unlawful or unauthorized. The research taken into account in this document may or may not have been used for or be consistent with all Aegon AM investment strategies. Any reference to securities, asset classes and financial markets are included for illustrative purposes only and should not be relied upon to assist or inform the making of any investment decisions. It has not been prepared in accordance with any legal requirements designed to promote the independence of investment research and may have been acted upon by Aegon AM and Aegon AM staff for their own purposes.

All investments contain risk and may lose value. Responsible investing (RI) is qualitative and subjective by nature, and there is no guarantee that the criteria utilized, or judgment exercised, by any company of Aegon Asset Management will reflect the beliefs or values of any one particular investor.  Information regarding responsible practices is obtained through voluntary or third-party reporting, which may not be accurate or complete, and Aegon Asset Management is dependent on such information to evaluate a company's commitment to, or implementation of, responsible practices.  Responsible norms differ by region.  There is no assurance that any responsible investing strategies and techniques discussed herein will be successful. Any opinions, estimates, or forecasts expressed are the current views of the author(s) at the time of publication and are subject to change without notice. This document contains "forward-looking statements" which are based on Aegon AM's beliefs, as well as on a number of assumptions concerning future events, based on information currently available. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. No guarantee is being made that stated outcomes will be achieved.

The information contained in this material does not take into account any investor's investment objectives, particular needs, or financial situation. It should not be considered a comprehensive statement on any matter and should not be relied upon as such. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any particular investor. Reliance upon information in this material is at the sole discretion of the recipient. Investors should consult their investment professional prior to making an investment decision. Aegon AM is under no obligation, expressed or implied, to update the information contained herein. Neither Aegon AM nor any of its affiliated entities are undertaking to provide impartial investment advice or give advice in a fiduciary capacity for purposes of any applicable US federal or state law or regulation. By receiving this communication, you agree with the intended purpose described above.

The following Aegon affiliates are collectively referred to herein as Aegon Asset Management: Aegon USA Investment Management, LLC (Aegon AM US), Aegon USA Realty Advisors, LLC (Aegon RA), Aegon Asset Management UK plc (Aegon AM UK), and Aegon Investment Management B.V. (Aegon AM NL). Each of these Aegon Asset Management entities is a wholly owned subsidiary of Aegon N.V. 

The assets under management/advisement described herein incorporates the entities within Aegon Asset Management brand as well as the following affiliates: Aegon Asset Management Holding B.V., Aegon Asset Management Spain, and joint-venture participations in Aegon Industrial Fund Management Co. LTD, La Banque Postale Asset Management SA, and Pelargos Capital BV.

Aegon AM UK is authorised and regulated by the Financial Conduct Authority (FRN: 144267) and is additionally a registered investment adviser with the United States (US) Securities and Exchange Commission (SEC). Aegon AM US and Aegon RA are both US SEC registered investment advisers. Aegon AM US is also registered as a Commodity Trading Advisor (CTA) with the Commodity Figures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). Aegon AM NL is registered with the Netherlands Authority for the Financial Markets as a licensed fund management company and on the basis of its fund management license is also authorized to provide individual portfolio management and advisory services in certain jurisdictions. Aegon AM NL has also entered into a participating affiliate arrangement with Aegon AM US.

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SOURCE Aegon Asset Management