Legal & General completes sale of pubs and brewery Group Liberation
Legal & General Capital (“LGC”) the principal investment arm of Legal & General Group, through LGV Capital, has today completed on the sale of its majority interest in The Liberation Group (“Liberation”) to Caledonia Investments PLC (“Caledonia”) in a transaction valuing the whole of the Company at £118 million. Liberation was held principally on behalf of the with-profits fund for customers, and the transaction was announced on the 6 July 2016.
Legal & General Capital focuses its investments in 3 key business sectors: infrastructure (including urban regeneration and energy), housing (build to rent, build to sell), and SME finance (debt and equity). These reflect its aim to invest for the long term in economically and socially useful assets, securing competitive returns for Legal & General, its partners and customers.
The good stewardship of assets includes the ability to nurture and develop a business, as well as disposal at the appropriate time, recent examples include the sale of Snow + Rock in 2015, and ABI Group in 2016.
For further information, please contact:
Head of Investor Relations
020 3124 2088
Investor Relations Manager
020 3124 2047
Head of Group Corporate Communications
020 3124 2095
020 7353 4200
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 £12.8bn (as at 08 September 2016) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) 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 adjusted 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/
Legal & General Group plc is being advised on the transaction by Fenchurch.
This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make