Legal & General partnering with Aston Martin to develop new manufacturing facility in Wales
Legal & General Investment Management Real Assets (LGIM Real Assets), is partnering with Aston Martin to support the development of the company’s new manufacturing facility in South Wales. This new facility, made possible following significant investment by LGIM Real Assets, will be used to manufacture the British luxury car maker’s new SUV. Production is due to start in 2019, creating 750 jobs in the local area and many more throughout the supply chain.
LGIM Real Assets has agreed a long-term commitment to the manufacturing facility, which in turn supports Legal & General Retirement in its payment of pensioner incomes. In the past year, LGIM Real Assets has secured real asset investments across a range of infrastructure and property transactions for Legal & General Retirement, including the UK’s first new port in over two decades, a fleet of new trains, student accommodation and a university campus, all creating long term income for pensioners.
Kerrigan Procter, Managing Director of Legal & General Retirement (photo), said: “This high quality Aston Martin facility will create hundreds of new jobs and support UK manufacturing, and with our long-term backing it will also help to pay our customers’ pensions. It is the latest example of our commitment to real asset investments which deliver good quality long-term income and play a meaningful role to the UK economy.”
The state of the art facility is being developed on a former Ministry of Defence site in St Athan in the Vale of Glamorgan. Fit-out commences in late 2017 and plans include a VIP visitor experience.
Tom Roberts of LGIM Real Assets, added: “To have completed this deal with Aston Martin and the Welsh Government is a testament to our investment strategy for the Annuity Portfolio, where we aim to acquire long let assets with investment grade covenants. This deal is also an example of how working with local and national Governments can take these projects off the ground, creating hundreds of jobs for the local area and set to benefit from further investment.”
Aston Martin President and CEO, Andy Palmer, commented: “The exchanging of this contract, giving us first access to the St Athan facility, is a milestone in our 103-year history. Work now starts in earnest to turn our plans into reality. Since taking the decision to build our first SUV in Wales we have been impressed with the commitment and approach from both the MOD and the Welsh Government in making this project work. We continue to work with the Welsh Government in areas like recruitment to ensure we are able to meet our project timescales.”
St Athan is located approximately 20 miles west of Cardiff and 8 miles west of Barry. The site is made up of 67 acres of consented development land and location plays an integral part of the Cardiff Airport and St. Athan Enterprise Zone and is well serviced by a number of excellent air, road and port networks.
Legal & General is already committed to Cardiff’s Central Square as part of a planned £400 million regeneration in the city centre. Legal & General also employs circa 1400 people in its offices within the Welsh capital.
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 20 3124 2095
m: +44 (0) 7515 324001
Head of Communications, Legal & General Capital and LGIM Real Assets
t: +44 (0) 20 3124 2777
PR Manager, LGIM Real Assets
t: +44 (0) 20 3124 2823
Notes to editors:
LGIM Real Assets:
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £842bn in assets on behalf of over 3,200 clients (as at 30 December 2015), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £21.1bn (as at 30 June 2016) and is responsible for the division’s direct investment capabilities in property and infrastructure. LGIM Real Assets is made up of three specialist divisions, Legal & General Property (LGP), its property fund management arm, LGIM Infrastructure, its specialist infrastructure lending and investment division, and Commercial Lending Limited (CLL), its commercial lending arm.