LGIM Private Credit closes first Euro deals worth £44 million

Latest News | Mergers & Acquisitions | South East

Charles Lecointe

LGIM Real Assets has announced the completion of its second Euro deal this year, having invested, on behalf of its clients including Legal & General Retirement (LGR), c.£44 million, of which €30 million was Euro denominated, in TCR Group (“TCR”).

TCR are a leading rental provider of ground support equipment and related services to independent ground handlers, airlines and airports in a market that has been performing strongly as global air travel grows and the need for ground support equipment increases.

The first Euro investment in April 2018 was part of a multi-currency private placement in Terminal Investments Limited (TiL), the 6th largest container terminal owner and operator in the world, with interests in 38 terminals across 24 countries and five continents.  TiL has a presence in seven of the world’s 25 busiest ports including Antwerp, Rotterdam, New York and Singapore.

Both the TCR and TiL investment further demonstrate the capabilities of the growing Infrastructure Debt business complementing our focus on deploying capital in the UK and USA.

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Charles-Henry Lecointe, Senior Infrastructure Investment Manager, said: “We are delighted to have made our second Euro investment this year. The infrastructure supporting the global transport industry continues to be a significant focus for LGIM Real Assets as part of our wider investment strategy.  We expect to continue to be active in this market, with multi-currency deals of increased interest.”

Eleanor Nasar, MD, Direct Investment and Real Assets, LGR, commented: “As a business Legal & General Retirement is committed to extending our origination capability in direct investment and real assets. A key lever in doing that is to extend our origination platform globally. As Charles-Henry says, the investment in TCR demonstrates the capabilities of the LGIM team in transacting Euro deals, and both the capacity and the growth of the LGR and LGIM businesses. This is part of a strategy to purposefully increase direct investment allocations globally within LGR.”

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