Legal & General provides long-term financing for the development of new homes
24 Oct 2018
LGIM Real Assets (“LGIM RA”) announces that it has provided £50 million in long-term financing to support Raven Housing Trust (“Raven”) in the development of 1,100 new homes over the next five years. The financing has been provided on behalf of its clients, namely Legal & General Retirement Institutional (LGRI).
LGIM RA has a track record of providing long-term capital to a range of registered housing providers across the country, with circa £1 billion invested to date. The Raven transaction further demonstrates Legal & General’s commitment to support housing and infrastructure in the UK, and to supporting organisations that have a positive impact on the communities in which they operate.
As the UK continues to have a chronic shortfall of over 100,000 homes per year, Legal & General is committed to helping address this significant deficit. At Legal & General we are playing our part in changing this. Annuity money is ideally suited for investment in housing and infrastructure, as it can be invested for 20, 30 or 40 years, delivering real economic growth for the UK. The provision of long-term financing to support Raven gives further opportunity for Legal & General to support the development of new homes in the UK.
Full press release available to download below
We are pleased to have made this investment on behalf of our clients and supported Raven in this important funding exercise. The fundraise, of which LGIM RA has provided £50 million, will allow for the development of new homes including affordable rented, shared ownership and market sale.
Steve Bolton, Investment Manager, Corporate Private Credit, LGIM Real Assets