Canada Life Asset Management has provided a £129m (€148.7m) loan to real estate investment firm Cortland to refinance a recently completed 50-storey UK build-to-rent (BTR) property.
The fixed-rate loan will be used to refinance Cortland’s existing debt facility secured against Cortland at Colliers Yard in Salford, Manchester, comprising 559 apartments.
The loan represents the first transaction between Canada Life Asset Management and Cortland.
Nicholas Bent, head of real estate finance, Canada Life Asset Management, said: “This £129m facility reflects our confidence in the quality of this landmark Manchester asset. As an experienced and active lender, the completion of this transaction marks another important milestone for Canada Life Asset Management as we continue to expand our presence in the build-to-rent real estate finance market.
“With a strong track record and deep sector expertise, we remain committed to supporting high quality residential assets and providing bespoke funding solutions across the UK and European markets.”
Debbie McLauchlan, managing director, Cortland, said: “This refinancing highlights the strength of Cortland at Colliers Yard in Manchester and the confidence it continues to attract as a high-quality, well-located asset. Manchester remains a compelling residential market, and we’re pleased to have worked closely with Canada Life Asset Management throughout the refinancing process.
“Cortland at Colliers Yard continues to deliver an exceptional living experience for our residents, reflecting the thoughtful design, service, and quality that define the Cortland brand.”
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