Legal & General’s lending arm, LGIM Commercial Lending, has agreed to provide £50 mln (€70 mln) to Sanctuary Group to finance a portfolio of care homes in the UK.
Legal & General’s lending arm, LGIM Commercial Lending, has agreed to provide £50 mln (€70 mln) to Sanctuary Group to finance a portfolio of care homes in the UK.
The 25-year loan will be used to invest in both Sanctuary’s existing properties as well as the delivery of new properties.
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.
The investment - L&G’s second transaction with Sanctuary - has been made on behalf of L&G’s annuity fund.
CLL has now invested a total of over £1.2 bn across 15 deals. Transactions include seven loans to the social housing sector, two loans to the student accommodation sector, two hotel debt deals and two loans to the care home market.
Pinsent Masons acted as legal advisers to L&G and Wragge Lawrence Graham & Co acted for Sanctuary. CBRE provided L&G with valuation advice.
