UK Insurer L&G Pays $922M For 55-Property RE Portfolio

Law360, New York (March 6, 2014, 2:39 PM EST) -- The property investment affiliate of U.K. life insurance and pension company Legal & General Group PLC has purchased a portfolio of 55 properties leased to the Royal Bank of Scotland in the U.K. and Ireland for £550 million ($921.9 million), the company said Thursday.

Legal & General Property purchased the portfolio, which includes the London headquarters of Coutts bank, as well as 40 other retail and banking locations, 10 office buildings and four industrial sites, from Telereal Trillium. All of the properties are in the U.K.,...
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