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The
deal is part of a roughly $660 million financing package that
will see the campus more than double in size to accommodate
10,000 students and allow the university to grow its research
and teaching programs, Legal & General said in a statement.
The 38-year financing - in what L&G said is the first-ever
public-private partnership in the U.S. educational sector - is
part of its strategy to target real asset deals that can help it
meet its long-term pension liabilities.
"We ... continue to target transactions backed by economic and
social infrastructure as part of Legal & General’s wider
approach to real asset investments," said Charles-Henry Lecointe,
senior infrastructure investment manager at Legal & General
Investment Management Real Assets.
(Company corrected statement to make clear the $100 mln L&G
financing is part of a $660 mln package, not a $760 mln package)
(Reporting by Simon Jessop; editing by Jon Boyle)
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