The deal has been arranged over a seven-year term and is secured against three office buildings – let to St James’ Place on long-term leases – in Cirencester and Newbury, and a David Lloyd Centre – also let long term – based in Luton.
The deal was arranged by Legal & General’s private credit business – a part of LGIM Real Assets – and replaces existing bank finance from Close Brothers Property Finance.
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Ashley Goldblatt, head of CLL at LGIM Real Assets, said: “This transaction further demonstrates our ability to continue to move into areas that the market might not traditionally expect to see us in – in this case a loan term more normally associated with banks.
“We are able to invest at the short, medium and long edge of the curve, as well as across alternative asset classes, demonstrating the breadth of our lending capabilities.”
Toby Baines, chairman at Citygrove, added: “We found LGIM Real Assets very straightforward, reliable and quick to deal with.
“We concluded the transaction in a very acceptable timescale and enjoyed working with them.
“We hope this is one of many that we will do with them in the future.”
LGIM Real Assets has now lent over £2bn across 21 deals, including its first acquisition finance deal in which it backed Deutsche Finance International and Yoo Capital’s £296m purchase of Olympia London.
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