The investment was undertaken on behalf of life insurance companies within the Phoenix Group.

The City of London Corporation raised £450 million in total, the proceeds of which are expected to be used to finance a number of major capital projects.

This includes plans to unify three historic markets at Smithfield, Billingsgate and New Spitalfields, to a site in Barking.

The City Corporation believes that, amongst other benefits, this move will have a very significant positive impact on the environmental profile of these markets.

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. The City’s requirement for long-dated debt capital is well matched with our clients’ appetite for long-dated fixed-income assets with low credit risk.”

Scott Robertson, head of Phoenix Group Capital, added: “We are delighted to be lending to the City of London Corporation under its Green and Sustainable financing framework and support its commitment to sustainable initiatives.

“This transaction provides long-term funding tailored to its development plan as well as providing a high-quality stream of cash flows to match our pension liabilities. Our strategic partner, Aberdeen Standard Investments, has supported us throughout this transaction, which is an excellent addition to our private investments.”