Legal & General’s lending arm, LGIM Commercial Lending Limited (“CLL”), announces that it has agreed a £50 mln (approx. €70 mln), 25 year loan to Sanctuary Group, as it continues to invest in all tenures within the UK housing sector.
The financing is secured against a portfolio of care homes and the money will be used to invest in both Sanctuary’s existing properties as well as the delivery of new, quality housing. The investment has been made on behalf of L&G’s annuity fund, providing excellent liability matching qualities, a better return for our pensioners than investing in gilts, and a social purpose – stimulating economic growth for the UK by freeing up capital to build and improve housing.
Sanctuary Group manages around 100,000 homes throughout England and Scotland, including general rented, retirement living, supported housing, student and key worker accommodation and care homes.