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February 15, 2012updated 13 Apr 2017 8:46am

L&G muscles in on UK property market

The total was made up of 19 purchases totalling £970m, the largest being the Rolls Building in London for £305m, and 18 sales totalling £710m

By LII editorial

Last year was a busy one for Legal & General’s UK commercial property unit, Legal & General Property (LGP), with 37 deals worth a total of £1.7bn ($2.6bn) completed.

The total was made up of 19 purchases totalling £970m, the largest being the Rolls Building in London for £305m, and 18 sales totalling £710m.

The high level of activity is set to continue.

“With considerable fire power at our disposal, we feel that we are well placed to continue to capitalise on opportunities in the UK market as they unfold in 2012,” said Gordon Aitchison, LGP’s director of investment and development.

He continued: “With strong expectations of forced deleveraging, failed refinances and banks required to raise capital, we believe that this year will not only present some attractive investments but that there will also continue to be more interesting opportunities where we can use the depth and breadth of our platform to unlock potential.”

LGP reports that it raised £1.4bn of new equity in 2011, including capital secured from new sources which include major international institutional investors in the Middle East, Asia and Scandinavia.

LGP is the third-largest institutional property fund manager in the UK and at the end of 2011had total assets under management of £10.5bn.

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