UK insurer Legal & General has announced that it has provided £125 million in long-term financing to the City of London Corporation to support a number of major capital projects.
The City of London Corporation is the governing body of the Square Mile of London, which is home to much of the UK’s financial services sector. The corporation has embarked on a programme of investment to help fund major projects that it says are designed to benefit the Square Mile and the UK.
The investment was issued through a green and sustainable financing framework by L&G’s real assets arm, LGIM Real Assets. It will be used, in part, to fund plans to consolidate three wholesale food markets and relocate the Museum of London.
“The City of London Corporation is a historic, strategically important institution with a rich history,” said Steve Bolton, investment manager at LGIM Real Assets. “This is an excellent opportunity for us to invest our annuity funds into the UK economy, and support the regeneration of key locations in the city and beyond. This transaction further demonstrates our support of organisations that play a key role in their communities.”
“We are pleased to have secured this funding with Legal & General,” said Jeremy Mayhew, finance committee chairman at the City of London Corporation. “It is a prudent means of financing our major projects, allowing us to invest with confidence for the future, and to create a legacy for London.”