Legal & General Property (LGP) has raised an additional £67 mln (€78 mln) of equity for its flagship leisure fund.
Legal & General Property (LGP) has raised an additional £67 mln (€78 mln) of equity for its flagship leisure fund.
The L&G Leisure Fund currently has more than £260 mln (€304 mln) of assets under management and delivered a performance of 9.8% to its institutional investors over the 12 months to March 2013.
The new equity has been raised at a premium to net asset value and expands the fund’s investor base to around 30 unit holders.
LGP will use the new equity primarily to look for additional future funding opportunities. As a result of the equity raise, the fund has scope to increase its gross assets under management to approximately £400 mln (€467 mln) with a target gearing of between 25% and 35%.
The fund’s manager Andrew Ferguson commented: ‘Further diversifying and growing the investor base of the fund, this latest capital raise enables us to continue to seek attractive investment opportunities, particularly high-quality, well-located development schemes, with major pre-lets in place, and support its successful story of outperformance over the medium term.'
