UK Insurer L&G Puts $419M Into Affordable Housing

Law360, New York (March 17, 2014, 7:50 PM EDT) -- Insurance company Legal & General Group PLC on Monday said it paid £252 million ($419 million) for a portfolio of 4,000 low-cost housing units in the U.K. from housing organization Places for People.

This is the biggest institutional investment in the U.K.'s affordable housing sector, according to the insurer. L&G will lease the units back to Places for People for 50 years and the organization will use the sale proceeds to build 7,000 new housing units. The British government has been trying to harness private money...
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