Legal & General Investment Management (LGIM) has agreed a £125m loan to the City of London Corporation.
The corporation will use the cash to fund capital projects including the relocation of the Museum of London.
It will also help finance the consolidation of three wholesale food markets – Billingsgate (fish), Smithfield (meat) and New Spitalfields (fruit).
The loan will be made to City’s Cash, a corporation fund that helps pay for services but does not qualify for Public Works Loan Board borrowing.
Jeremy Mayhew, chairman of the corporation’s finance committee, said: “We are pleased to have secured this funding with Legal & General.
“It is a prudent means of financing our major projects, allowing us to invest with confidence for the future, and to create a legacy for London.”
