Business

Legal & General ‘to buy Lloyds’ property assets’

11 April 2012

Legal & General, the UK's biggest pension fund manager, was today in talks about buying property assets from Lloyds Banking Group, according to insiders.

L&G, which has more than £3 billion under management, is thought to be considering joint-venture deals as well as the option of cherry-picking some of Lloyds' distressed assets.

As the part-nationalised lender tries to sell its £60 billion UK commercial property loan book to streamline its business, it was revealed that two of its top property bankers have quit. They are Nick Robinson, Lloyds' managing director of real estate, and John Moran, director of joint ventures.

The bank has already put Burberry's former headquarters and the other assets belonging to failed property developer Paul Kemsley up for sale to raise cash.

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