LGP announces £403m close for U.K. fund
Legal & General Property has announced the final close of U.K. Property Income Fund II, raising more than £403 million ($631 million) in equity commitments. With leverage, the fund has a total buying power of £610 million ($956 million).
Approximately 16 investors committed to UKPIF II, including organizations based in Asia, North America, Europe and the Middle East. Seven of the 16 previously invested in the firm’s UKPIF I, which closed at the end of 2011 with £300 million ($470 million) in commitments.
As with the first fund, UKPIF II’s leverage structure allows investors to choose their preferred level of leverage of between 0 percent and 50 percent loan to value.
LGP has started to invest UKPIF II’s capital. In April 2014, the firm acquired Priory Court and Temple Court in Birmingham, England, for £87.5 million ($137.13 million). Located in the heart of Birmingham’s Central Business District the