Aberdeen Standard Investments (ASI) private placement debt team has lent £65 million to the City of London Corporation. The investment was undertaken on behalf of life insurance companies within the Phoenix Group. The City of London Corporation raised £450 million in total, the proceeds of which are expected to be used to finance a number of major capital projects.
This includes plans to unify three historic markets at Smithfield, Billingsgate and New Spitalfields, to a site in Barking. The City Corporation believes that, amongst other benefits, this move will have a very significant positive impact on the environmental profile of these markets.
Andrew Dennis, Investment Director at Aberdeen Standard Investments, said: “The City of London Corporation is an institution that pre-dates the Norman conquest and Parliament, and owns assets of national and global significance. It is at the forefront of the Green Economy, and this financing will in part be used to reduce the environmental impact of businesses in London. The City’s requirement for long-dated debt capital is well matched with our clients’ appetite for long-dated fixed income assets with low credit risk.”
Scott Robertson, Head of Phoenix Group Capital added:“We are delighted to be lending to the City of London Corporation under its Green and Sustainable financing framework and support its commitment to sustainable initiatives. This transaction provides long-term funding tailored to its development plan as well as providing a high quality stream of cash flows to match our pension liabilities. Our strategic partner, Aberdeen Standard Investments, has supported us throughout this transaction, which is an excellent addition to our private investments.”
0131 372 1821
Notes to editors
- Aberdeen Standard Investments is one of Europe’s largest real estate investment managers, managing £44.5 billion of real estate assets across UK, Europe and Asia. Our dedicated team of 270 real estate investment professionals manages more than 1,600 real estate assets worldwide, and are based in 19 offices (including London, Edinburgh, Frankfurt, Paris, Stockholm, Copenhagen, Amsterdam, Hong Kong, Singapore, Boston. (30 June 2019)
- Aberdeen Standard Investments is a global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment business of Aberdeen Asset Management and Standard Life Investments. With over 1,000 investment professionals, we manage manage £525.7 billion (US$669.6 billion)* of assets worldwide. We have clients in c.80 countries supported by over 40 offices globally. This ensures we are close to our clients and the markets in which we invest. (*as of 30 June 2019)
- We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
- You can access the Aberdeen Standard Investments media centre here: https://www.aberdeenstandard.com/en/media-centre
- Armstrong Capital Management is a London based Asset Manager focused on the impact investment sector. Armstrong’s funding comes from both institutional and retail investors attracted to the core strategy of funding opportunities capable of delivering an environmental or social impact in parallel with attractive financial returns. For further information please visit https://www.armstrongcapital.co.uk/
For Professional Investors only
The value of investments, and the income from them, can go down as well as up and you may get back less than the amount invested. Past performance is not a guide to future results. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. We recommend that you seek financial advice prior to making an investment decision.
Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.
The details contained here are for information purposes only and should not be considered as an offer, investment recommendation, or solicitation to deal in any investments or funds and does not constitute investment research, investment recommendation or investment advice in any jurisdiction. Any research or analysis used to derive, or in relation to, the above information has been procured by us for our own use, without taking into account the investment objectives, financial situation or particular needs of any specific investor, and may have been acted on for own purpose. No warranty is given as to the accuracy, adequacy or completeness of the information contained in this communication and no liability for errors or omissions in such information. Readers must make assessments to the relevance, accuracy and adequacies of the information contained in this communication and make independent investigations, as they may consider necessary or appropriate for the purpose of such assessments. Any opinion or estimate contained in this communication, are made on a general basis. No information contained herein constitutes investment, tax, legal or any other advice, or an invitation to apply for securities in any jurisdiction where such an offer or invitation is unlawful, or in which the person making such an offer is not qualified to do so.
United Kingdom issued by Aberdeen Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1XL. Registered in Scotland No. 108419.
Standard Life Investments companies: Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Standard Life Investments Limited is authorised and regulated in the UK by the Financial Conduct Authority.