(Company corrected statement to make clear the $100 mln L&Gfinancing is part of a $660 mln package, not a $760 mln package)
LONDON, Aug 17 (Reuters) - British insurer Legal & General has agreed its first infrastructure deal in the UnitedStates, investing around $100 million to help the University ofCalifornia, Merced, expand its campus.
The deal is part of a roughly $660 million financing packagethat will see the campus more than double in size to accommodate10,000 students and allow the university to grow its researchand teaching programmes, Legal & General said in a statement.
The 38-year financing - in what L&G said is the first-everpublic-private partnership in the U.S. educational sector - ispart of its strategy to target real asset deals that can help itmeet its long-term pension liabilities.
"We ... continue to target transactions backed by economicand social infrastructure as part of Legal & General's widerapproach to real asset investments," said Charles-HenryLecointe, senior infrastructure investment manager at Legal &General Investment Management Real Assets. (Reporting by Simon Jessop; editing by Jon Boyle)