LGIM Real Assets has completed its second euro deal this year, having invested, on behalf of its clients including Legal & General Retirement (LGR), £44 million ($58 million), of which €30 million ($35 million) was euro denominated, in TCR Group (TCR).
TCR is a rental provider of ground support equipment and related services to independent ground handlers, airlines and airports in a market that has been performing strongly as global air travel grows and the need for ground support equipment increases.
The first euro investment in April 2018 was part of a multi-currency private placement in Terminal Investments Limited (TiL), the sixth-largest container terminal owner and operator in the world, with interests in 38 terminals across 24 countries and five continents. TiL has a presence in seven of the world’s 25 busiest ports, including Antwerp, Rotterdam, New York and Singapore.
Both the TCR and TiL investments further demonstrate the capabilities of the growing infrastructure debt business complementing LGIM’s focus on deploying capital in the United Kingdom and United States.
