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.”
To read the latest edition of the latest IPE Real Assets magazine click here.
