News in brief - 8 January

M&G has announced a £25m financing deal with Eastend Homes.

The deal will support the delivery of 142 new homes in East London, and will provide long-term funding for a partnership scheme with residential developer and contractor, Gracewood Group LLP, to construct homes on the roof of existing groups in the Mile End area of the London Borough of Tower Hamlets. The scheme of “vertical extensions” is expected to “significantly enhance” the number of affordable homes, with around 80 per cent of the new homes to be for social and affordable rent.

Legal & General (L&G) has invested £1.5bn in UK towns and cities amid Covid-19

Since the March 2020 lockdown, the group's investments have helped support the creation of more than 30,000 jobs and 6,000 new homes. L&G has also supported the delivery of around 2m sq ft of real assets, including science and innovation districts, clean energy infrastructure and urban transformation projects. In addition to this, it has backed the creation of “thousands” of affordable homes through long-term debt financing and its affordable housing arm.

M&G provides £303m loan for City of London office acquisition

M&G’s Real Estate finance team provided the loan to Singapore-based multi-asset investment firm, Sun Venture, to support the acquisition of 1 and 2 New Ludgate in the City of London. The deal brought total deployed capita in the UK, Europe and US markets in 2020 to £1.66bn, via 10 deals, including a £353m loan to refinance a London office building and a Sainsbury’s superstore.

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