Canada Life Asset Management’s UK property lending business has provided London-listed LXi REIT with a £148m (€167m) loan to help refinance a portfolio of commercial property assets.
The asset manager said the 16-year loan will refinance a mixed-use portfolio typically let on inflation-linked, long-term leases, providing a diversified, secure income profile, on behalf of Canada Life’s annuity business.
Mark Dunstan, real estate finance director at Canada Life Asset Management, said: “We are very pleased to establish a new long-term relationship with LXi REIT. The portfolio securing the loan offers good diversification and strong, long-term income streams. LXi’s focus on long-term investment opportunities is well aligned with our investment approach.”
Nicholas Bent, the head of real estate finance, Canada Life Asset Management, said: “Despite uncertainty in the property market and wider economy, this significant long-term refinancing demonstrates our continued ambition to expand and diversify our commercial loan book by partnering with responsible investors and proven real estate specialists such as LXi.”
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