Aberdeen Standard Investments (ASI) is pumping £65 million into plans to bring together three historic London markets.
The Scottish investment giant is lending the money to the City of London Corporation, which has raised £450m in total – the proceeds of which are expected to be used to finance a number of major projects.
These include plans to unify the three historic markets at Smithfield, Billingsgate and New Spitalfields, to a site in Barking. The corporation believes that the move will have a significant positive impact on the environmental profile of these markets.
The ASI investment was undertaken on behalf of life insurance companies within the Phoenix Group.
Andrew Dennis, investment director at Aberdeen Standard Investments, said: “The City of London Corporation is an institution that pre-dates the Norman conquest and Parliament, and owns assets of national and global significance.
“It is at the forefront of the ‘green economy’, and this financing will in part be used to reduce the environmental impact of businesses in London.”
Scott Robertson, head of Phoenix Group Capital, added: “Our strategic partner, Aberdeen Standard Investments, has supported us throughout this transaction, which is an excellent addition to our private investments.”