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Legal & General Group Backs First U.S. Infrastructure Deal with University of California

Wednesday, September 21, 2016

Legal & General has agreed to its first infrastructure transaction in the U.S. as part of a strategy to target real asset deals which provide high quality long-term returns to match pension liabilities. The transaction builds on Legal & General's fast-expanding U.S. activities and supports plans to invest in infrastructure, direct investments and urban regeneration projects.

This first infrastructure deal in the U.S. shows the growing number of tools in our box to ensure we secure long-term returns to match our liabilities. We continue to be drawn towards social infrastructure and it doesn't get more attractive than this when the underlying asset is being developed for one of the world's leading universities.

—Kerrigan Procter, Managing Director
of Legal & General Retirement

The transaction is the first ever educational sector public–private partnership to take place in the U.S. The financing will help to nearly double the size of the University of California, Merced, campus to accommodate 10,000 students and expand its research and teaching programs.

Read the full Legal & General Group press release

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