Legal & General Investment Management Real Assets (LGIM Real Assets) is investing in a UK car-manufacturing site.

The investment manager’s LGIM arm will fund the development of Aston Martin’s new manufacturing facility in South Wales on behalf of Legal & General Retirement.

The site is due to be ready for the production of vehicles in 2019, which LGIM said would create 750 jobs.

The facility is being developed on a former Ministry of Defence site in St Athan in the Vale of Glamorgan. 

Tom Roberts, senior transactions manager at LGIM Real Assets, said: “To have completed this deal with Aston Martin and the Welsh Government is a testament to our investment strategy for the Annuity Portfolio, where we aim to acquire long-let assets with investment-grade covenants.”

LGIM said it has secured real asset investments across infrastructure and property transactions for Legal & General Retirement, including the UK’s first new port in more than two decades and a fleet of new trains.