Legal & General invests £750m in UK infrastructure and direct lending in Q1 2016
Legal & General has invested £750m in UK Infrastructure and direct lending in Q1 2016, with the completion this week of £250m of financing for a commercial infrastructure deal.
Legal & General has invested £750m in UK Infrastructure and direct lending in Q1 2016, with the completion this week of £250m of financing for a commercial infrastructure deal. This adds to £70m in a student accommodation infrastructure deal earlier this month and £245m for Transport for London's (TFL) new premises in Stratford's new international Quarter in January. The investments provide secure long-term fixed and inflation-linked cashflows to back annuity payments to UK pensioners.
Kerrigan Procter, Managing Director of Legal & General Retirement, said: "We have a strong pipeline of UK infrastructure and UK direct lending transactions as demonstrated with our completion of £750m of investment so far this year, which we use to back pension payments to UK pensioners in our £44bn annuity portfolio. We are delighted to be able to back pension promises to UK pensioners with such productive real investment in the UK economy. We see huge potential for growth as UK pension funds transfer their assets and liabilities to us and we in turn invest in real UK assets. "
Eleanor Nasar, Chief Investment Officer of Legal & General Retirement said: "The deals this week combined with the £245m TFL deal and other direct lending, including our lifetime mortgage business, mean we've secured £750m of direct investment across a range of UK sectors year to date. This is a fantastic start to 2016 and shows our ability to continually find value through our strong and diverse asset sourcing capabilities across the group where LGR benefits from its close links with LGIM and Legal & General Capital."
For further information, please contact:
Laura Doyle, Head of Investor Relations
020 3124 2088
Stephen Thomas, Investor Relations Manager
020 3124 2047
John Godfrey, Corporate Affairs Director
020 3124 2090
Richard King, Head of Group Corporate Communications
020 3124 2095
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.9bn (as at 31st December 2015) and is responsible for investing £746bn worldwide (as at 31st December 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/