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Legal & General Investment Management

Legal & General Investment Management (LGIM) has financed a £125 million portfolio of UK student housing for two investors via a long-term bond. The £94 million of debt finance backs the acquisition by Arlington Investors and Campus Living Villages of six schemes from Spectrum Housing Group and Sanctuary Housing Association.
Legal & General Property is expanding the debt facilities for two of its existing funds and looking for debt for a third vehicle, to raise £260m for further acquisitions, asset management and to cut borrowing costs, Real Estate Capital can reveal.
AIG Asset Management has provided a £315.6m, ten-year facility to Secure Income REIT (SIR) to complete its £902.6m refinancing of its leisure and healthcare assets. AIG’s fixed-rate non-recourse term loan is secured on a portfolio of SIR’s healthcare assets containing 11 UK private hospitals.
The Royal Bank of Scotland (RBS) has provided a £30m, floating rate term loan and a £60m revolving credit facility, both for five-years, to refinance Legal & General (L&G) Property’s leisure fund. L&G Investment Management is also providing a £60m, five-year term loan, initially floating rate but fixed from Q4 2016, taking the total facility to £150m at an all-in cost below 2.7%.
Legal & General’s property lending business is planning to expand into advising third-party capital, Real Estate Capital reveals. The three-year-old team, headed by Ashley Goldblatt, currently originates senior loans on behalf of Legal & General’s giant in-house annuity business.
Legal & General Investment Management (LGIM) has provided a £50m 25-year loan to Sanctuary Group secured against a portfolio of care homes. The loan, made through LGIM Commercial Lending Limited’s annuity fund, will be used to invest in both Sanctuary’s existing properties as well as the delivery of new housing.
Legal & General’s lending arm has provided a £75m loan to refinance five hotel assets at Gatwick and Stansted airports.
UK insurer broadens debt horizons
Legal & General has agreed a £260m refinancing of the F&C Commercial Property Trust. The 10-year fixed rate loan will see the listed trust repay £230m of secured bonds, which paid 5.23% per annum interest and which mature on 30 June 2015. A separate £30m bank loan which matures on the same day will also […]
Legal & General has issued its third social housing loan in six months – a £40m facility for Rooftop Housing Group. This brings its commitment to the sector to £232m, including a £102m loan it provided to The Hyde Group in March 2013 which marked the commercial lending business’s first social housing loan. Its latest […]

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