27th Jan 2015 10:59
LONDON (Alliance News) - Legal & General Group PLC Tuesday said it is launching a GBP15 billion regeneration vehicle to provide investment into UK regeneration projects including housing and infrastructure.
In a statement, the insurance, savings and investment management product provider said it is allocating GBP1.5 billion to the vehicle, which will invest across the UK in both equity and debt.
It will take construction risk and invest in different sectors and projects, Legal & General said.
According to the company, a fund of this size could be involved in 30 to 50 projects.
The fund has been set up as a co-investment vehicle, with Legal & General acting as both principal investor and manager. By investing into the fund, Legal & General wants to give external investors the security that their economic and reputational interests are closely aligned.
"We are well-positioned to work alongside UK and international money to channel funds into regeneration that delivers growth, homes and jobs," Nigel Wilson, chief executive, said in a statement.
Legal & General shares were down 0.5% at 264.80 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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