Legal & General buys £110m of UK assets

The property management arm of British insurer L&G has revealed it has snapped up more than 9 assets in the retail, office and industrial class.

Legal & General Property  has completed more than £110 million (€120 million; $179 million) of UK asset deals in a major investment drive, it said today.
The property wing of the British insurer has snapped up at least 9 assets on behalf of clients across a number of its funds, it added.

Head of transactions, Gordon Aitchison, who joined from UK property company Citygrove in July this year, has led the transactions.

Investments include an office in Southampton, a Tesco superstore in Leicestershire, an office at Templepoint, Bristol let entirely to mobile phone giant, Orange, as well as a retail block in Manchester, a department store in Carlisle, and two shops in Edinburgh in Scotland.

Legal & General said it sold off assets selectively “early in the market cycle”, enabling it to “protect its position” against potential redemptions. Coupled with this it has also recently secured significant inflows across its funds to invest back into the market.  

Aitchison said in a statement that the insurer had more than £600 million of equity to invest on behalf of our clients.