British life insurance and pensions provider Legal & General has bought a portfolio of 55 properties let to the state-backed Royal Bank of Scotland in a 550 million pound deal. The portfolio, which includes private bank Coutts’s headquarters in central London, comprises of 41 retail and banking units, 10 office buildings and four industrial sites across the UK, with one asset in Dublin. It is predominantly let to RBS until 2037 and was bought from British property group Telereal Trillium. L&G has been a keen investor in British infrastructure as such assets offer steady rental income, matching long term liabilities to retirees. It said it is seeking more acquisitions in 2014.
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