Press releases

L&G completes £24.5m debt deal with Citygrove

Legal & General (“L&G”) announces that it has completed a £24.5m bi-lateral loan to refinance three offices and a leisure centre owned by Citygrove.

27 Jun 2017

This latest deal continues to prove the platform’s ability to provide competitively priced debt at the shorter end of the market.

Arranged over a seven year term, the loan is secured against three office buildings, let to St James’ Place on long term leases, in Cirencester and Newbury, and a David Lloyd Centre also let long term, based in Luton.  The loan replaces existing bank finance from Close Brothers Property Finance.

Arranged by Legal & General’s Private Credit business, part of LGIM Real Assets, the drawdown of the loan is immediate.

LGIM Real Assets’ property lending business has now lent over £2 billion across 21 deals. The transaction follows closely behind its first acquisition finance deal for Olympia London – backing Deutsche Finance International and Yoo Capital’s £296m purchase of the iconic exhibition centre asset. 

Ashley Goldblatt, Head of CLL at LGIM Real Assets, said: “This transaction further demonstrates our ability to continue to move into areas that the market might not traditionally expect to see us in – in this case a loan term more normally associated with banks.  We are able to invest at the short, medium and long edge of the curve, as well as across alternative asset classes, demonstrating the breadth of our lending capabilities.”

Toby Baines, Chairman at Citygrove, commented:  “We found LGIM Real Assets very straight forward, reliable and quick to deal with.  We concluded the transaction in a very acceptable timescale and enjoyed working with them.  We hope this is one of many that we will do with them in the future.”


Further information


Olivia Bayliss

Head of Communications

Capital and LGIM Real Assets

Notes to editors

Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.

Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.

(As of June 2021)


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