CARE home provider Sanctuary Group has agreed a multi-million deal to invest in its existing properties and develop new ones.

A 25-year loan of £50m has been provided by LGIM Commercial Lending, the lending arm of Legal & General, and secured against a portfolio of care homes.

Based in Castle Street, Worcester, Sanctuary manages about 100,000 homes throughout England and Scotland, including general rented, retirement living, supported housing, student and key worker accommodation and care homes.

Craig Moule, the company's chief financial officer, said: "This loan will enable us to build new homes and refurbish existing properties for the benefit of our customers. In L&G we have a partner with a shared vision for the UK housing market while continuing to develop our core business in line with the group's growth strategy."

Alex Gipson, lending manager at L&G, added: "L&G's long term commitment to backing the provision of new and improved UK housing across all tenures is clear. In order to do this, we understand that we need to partner with and support best-in-class, forwarding-thinking operators that have significant experience and expertise in the sector and share our long term commitment to their homes and the services they deliver. In Sanctuary we have found such a partner with a shared vision."