L&G shows interest in Lloyds’ UK property assets

| October 25, 2009 | 0 Comments

Legal & General (L&G) is reported to be talking to Lloyds Banking Group regarding the sale of UK property assets that have seen spectacular falls in value during the credit crisis.

Earlier this month, the group announced that its L&G Property unit had completed over £110 million of acquisitions as part of a major investment drive “to take advantage of the market volatility and capture the rare opportunities that are now unfolding”.

Examples include the freeholds of a Southampton office building let to Skandia Life; a Tesco superstore in Melton Mowbray and two retail units, let to Waterstones and Game store, on Princes Street, Edinburgh.

Activity has been accelerating and last week, L&G Property acquired Cardinal Leisure Park in Ipswich (on behalf of its Linked Pensions Fund) for around £19.4 million plus the freehold interest of Lotus Park office development in Staines, for £24.23 million.

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Category: Companies News, Insurance News

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