L&G to drive Aston Martin facility 

Legal & General Investment Management Real Assets is partnering with Aston Martin to support the development of the British luxury car maker’s new manufacturing facility in south Wales. This new facility, made possible by significant investment by LGIM Real Assets, will be used to manufacture Aston Martin’s new SUV. Production is due to start in 2019. The new facility is being developed on a former Ministry of Defence site in St Athan in the Vale of Glamorgan. Fit-out commences in late 2017. St Athan is 20 miles west of Cardiff and eight miles west of Barry. The site is made up of 67 acres of consented development land and is part of the Cardiff Airport and St Athan Enterprise Zone. It is well serviced by a number of air, road and port networks. Kerrigan Procter, managing director of Legal & General Retirement, said: “This Aston Martin facility will create hundreds of jobs and support UK manufacturing, and with our long-term backing it will also help to pay our customers’ pensions.” Tom Roberts, LGIM Real Assets, added: “To have completed this deal with Aston Martin and the Welsh government is a testament to our investment strategy for the Annuity Portfolio, where we aim to acquire long-let assets with investment-grade covenants.” Andy Palmer, Aston Martin president and chief executive officer, said: “Since taking the decision to build our first SUV in Wales we have been impressed with the commitment and approach from both the MOD and the Welsh government in making this project work. We continue to work with the Welsh government in areas like recruitment to ensure we are able to meet our project time-scales.” Pinsent Masons acted as legal adviser to LGIM. • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette