Legal & General鈥檚 (L&G) real estate debt platform has provided half of a 拢500m (鈧�588m) debt facility secured by UK cold-storage company Magnavale.
L&G said it invested 拢250m on behalf of a number of internal and external client mandates, as part of the total amount co-arranged by L&G and an unnamed US institutional investor.
Sadel Group-owned Magnavale, provides temperature-controlled storage and value-added services for the food industry operating from four cold-storage facilities.
James Spencer-Jones, head of real estate debt for UK and Europe at L&G, said: 鈥淚鈥檓 delighted to announce we鈥檙e expanding into cold-storage within our real estate debt portfolio, in particular with a market-leading provider such as Magnavale.
鈥淭his investment provides an opportunity to support critical infrastructure within our supply chains, to reduce food waste and potential supply shortages.鈥�
Andrew Lawrence, director, Sadel and Magnavale, said: 鈥淲e are proud to partner with L&G and our US institutional co-investor to support Magnavale鈥檚 continued growth. Their backing is a strong endorsement of both our strategy and the critical role that cold-chain infrastructure plays in securing the future of the UK鈥檚 food supply chain.
鈥淭his investment reinforces Sadel鈥檚 approach of building best-in-class operations and prioritising efficiency through targeted, long-term investment. This partnership enables us to accelerate our expansion, enhance resilience across our national network and deliver energy-efficient, future-ready facilities that meet the evolving needs of our customers and the wider economy.鈥�
Patrick Sweeney, L&G investment manager for real estate debt, UK and Europe, said: 鈥淲e have high conviction for the UK cold-storage sector, which demonstrates unique and compelling investment fundamentals.
鈥淢agnavale has invested a significant amount in future proofing their portfolio and we are delighted to be supporting them in their next phase of growth.鈥�
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