Legal & General has today announced that its property lending arm CLL has agreed to a £220 million, 10 year loan to Secure Income REIT. The agreement is L&G’s first transaction arranged for a third party client alongside its annuity fund.
The specialist long term income REIT has secured the financing against a portfolio of nine UK private hospitals, which at present are let to the Ramsay Group.
This deal means that almost £1.5 billion worth of funds have now been lent by L&G across 16 deals, with the healthcare sector joining others in which loans have already been agreed such as social housing, student accommodation, hotels and care homes, along with mainstream asset classes.
Commenting on the agreement, Lending Manager at L&G, Steve Boyle,said: “We are delighted to form part of what was a large refinancing project with Secure Income REIT plc, particularly as it has enabled Legal & General to continue to expand its role in supporting the UK’s social infrastructure.”
CLL is part of the Real Assets division of Legal & General Investment Management (LGIM) which also includes Legal & General Property (LGP) which manages or co-manages 17 separate institutional funds with assets valued at £16.9 billion.
