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Legal & General and Astral Form Industrial Fund

LONDON-Legal & General and Astral Developments have joined forces to form the Meteor Industrial Partnership, a new pounds 100 million ($165 million) fund.

By Graham Parker | Updated on October 06, 2003

LONDON-Legal & General and Astral Developments have launched a new indirect vehicle specialising in industrial property. The Meteor Industrial Partnership has an intial target size of £100 million ($165 million). The partners will both put in £5 million ($8 million) of equity, with Legal & General also providing a £40 ($65 million) million revolving credit mezzanine facility with senior debt being provided by Euro Hypo.

Astral will source development sites which, when completed and let, will provide a stream of new, high quality warehouse investments for Legal & General’s main life fund. The joint venture vehicle will target motorway located industrial and warehouse developments in the Midlands and South- East of England.

Astral Developments was formed in 2000 by John Cutts, Steven Ferris and Richard Saint, who were previously with Kingspark Developments and ProLogis Developments. Since its formation, Astral has developed over 1.5 million sf of distribution space.

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