LGIM Real Assets (Legal & General) has announced that is has provided £125 million in long-term financing to the City of London Corporation, the governing body of the Square Mile London, which is home to much of the UK’s financial services sector. The investment was issued via a Green and Sustainable financing framework verified by DNV-GL, an independent assessment of the accuracy and integrity of green bond information and data.
The City Corporation has embarked on a programme of investment to help fund ambitious major projects designed to benefit the Square Mile, London and the UK.
The City Corporation will use the £125 million investment from Legal & General to fund a number of major capital projects, which include plans to consolidate three wholesale food markets and relocate the Museum of London.
Supporting the capital as a vibrant and thriving city, which champions diversity and sustainability, the ‘Square Mile’, within the City of London, is home to approximately 24,000 businesses, attracting over. 500,000 workers daily and over 10 million tourists annually, making it a world leading commercial hub.
Beyond the Square Mile, the City Corporation is the UK’s fourth biggest funder of heritage and cultural causes, investing over £100m every year. It also looks after 11,000 acres of green space, including Hampstead Heath and Epping Forest. The City Corporation owns and runs three wholesale food markets: Billingsgate (fish), Smithfield (meat) and New Spitalfields (fruit) and three independent schools (City of London School, City of London School for Girls; and City of London Freemen’s School). It also provides assistance to surrounding boroughs, supporting education, training and employment opportunities.
Steve Bolton, Investment Manager at LGIM Real Assets, said; “The City of London Corporation is a historic, strategically important institution with a rich history. This is an excellent opportunity for us to invest our annuity funds into the UK economy, and support the regeneration of key locations in the City and beyond. This transaction further demonstrates our support of organisations that play a key role in their communities.”
Jeremy Mayhew, Chairman of the City Corporation’s Finance Committee, said: “We are pleased to have secured this funding with Legal & General. It is a prudent means of financing our major projects, allowing us to invest with confidence for the future, and to create a legacy for London.”
