In brief

LGP funds pull in £575m

Legal & General Property took in £575m of net new capital in Q1 2011 – more than a quarter of Legal & General Investment Management’s £2bn net inflows. UK head of balanced funds Mike Barrie said the UK Property Unit Trust had grown from £470m at the start of the year to close to £530m, while the Limited Price Inflation Income Property Fund took in £117m in Q1. The £1.1bn Managed Property Fund has been the fastest growing UK balanced fund over the past year.

Bond issue for Derwent London

Central London REIT Derwent London is raising £175m via a five-year convertible bond at a 2.5-3% fixed cost. The initial conversion cost is expected to be set at £22.22, a 30% premium to   its share price. There is an option to raise the offer to up to £200m.

Metric lands Eurohypo loan

Metric Property Investments has put its first term facility in place: a £34.5m, five-year loan from Eurohypo. The loan is secured against three retail parks, but  is structured to support the acquisition of new investments.

Rostas to oversee Liberum funds

Paul Rostas, former head of derivatives broking at ICAP, has joined boutique investment bank Liberum Capital as head of alternative investments and property, to develop its funds business. Last year the five-year-old bank’s turnover was £43m. It took part in 18 deals as joint or lead broker, raising £485m.

Correct figures for LIM

Last month’s page 6 story about LaSalle Investment Management’s £150m junior debt mandate contained a typo. The sixth paragraph should have read: “we can be high single digits” instead of “can’t”.

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