LONDON, March 6 (Reuters) - British life insurance andpensions provider Legal & General has bought aportfolio of 55 properties let to state-backed Royal Bank ofScotland in a 550 million pound ($920.18 million) deal,it said on Thursday.
The portfolio, which includes private bank Coutts'sheadquarters in central London, comprises of 41 retail andbanking units, 10 office buildings and four industrial sitesacross the UK, with one asset in Dublin.
It is predominantly let to RBS until 2037 and was boughtfrom British property group Telereal Trillium. CBRE acted for Telereal Trillium while DTZ advised L&G.
"This is one of the largest acquisitions to be successfullyundertaken by a UK fund in recent years," said Gordon Aitchison,director of investment and development at L&G Property.
"The bond like quality and duration of the income isexceptionally attractive as a match for L&G's long datedliabilities," he said.
L&G has been a keen investor in British infrastructure assuch assets offer steady rental income, matching long termliabilities to retirees. It said on Wednesday that it wasseeking more acquisitions in 2014.
Legal & General (LGEN)