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Legal & General executes record GBP1.1bn in real assets disposals YTD

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Legal & General’s principal balance sheet businesses, Legal & General Capital (LGC) and Legal & General Retirement (LGR), have executed a record GBP1.1 billion of real asset disposals in 2017 to date, of which approximately GBP1 billion has been to international investors. 

Legal & General’s share of gross proceeds from these transactions has been GBP526 million. Legal & General Retirement’s (LGR’s) recent sale of 70 Gracechurch St delivered gross proceeds of GBP272m as part of its active management of the asset portfolio backing its annuity liabilities.
 
In addition, Legal & General Capital (LGC) generated gross proceeds of GBP254m from transactions with a gross value of GBP817 million.  All full asset disposals met or exceeded targeted returns of 10-12 per cent IRR.
 
Proceeds are being reinvested alongside other Legal & General funds in our substantial UK regeneration programme. Many UK cities and towns are regenerating themselves successfully in partnership with Legal & General.
 
The successful LGR/LGC business model, established four years ago, is now at a point in its development where investments can either be manufactured within the business to suit specific needs or recycled into new opportunities.
 
Nigel Wilson (pictured), Legal & General CEO, says: “Strong demand from international buyers demonstrates that the UK is a great place to invest. Having invested GBP12 billion to date, we are on track to invest GBP15 billion of long-term capital in UK housing, urban regeneration, clean energy and business growth.”

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