Legal & General’s lending arm, LGIM Commercial Lending, has agreed a £50m, 25-year loan to Sanctuary Group, as it continues to invest in the UK housing sector.
The financing is secured against a portfolio of care homes and the money will be used to invest in both Sanctuary’s existing properties as well as the delivery of new housing.
Sanctuary Group manages around 100,000 homes throughout England and Scotland, including general rented, retirement living and supported housing.
CLL has now lent more than £1.2bn 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.
Alex Gipson, lending manager at Legal & General, said: “L&G’s long-term commitment to backing the provision of new and improved UK housing across all tenures is clear. In order to do this, we understand that we need to partner with and support best-in-class, forwarding-thinking operators that have significant experience and expertise in the sector and share our long-term commitment to their homes and the services they deliver. In Sanctuary we have found such a partner with a shared vision.”
Pinsent Masons acted as legal adviser to L&G; Wragge Lawrence Graham & Co acted for Sanctuary. CBRE provided L&G with valuation advice.
