Canada Life Asset Management has provided a £60m (€68.7m) real estate loan to Hargreaves Group, the second such facility provided to the UK property developer to support its growth.
Canada Life said the nine-year term loan is secured against a diverse portfolio of commercial assets, including trade counters, industrial and logistics units, retail warehouses and offices, with a varied tenant mix.
The new facility provides the Hargreaves Group with additional resources to support further acquisitions, a development pipeline and invest in the existing commercial property portfolio across the South-East of England.
Nicholas Bent, head of real estate finance, Canada Life Asset Management, said: “We are delighted to further our relationship with Hargreaves Group, and to support their ongoing expansion across the South-East. This £60m facility reflects our confidence in their experienced management team and the quality of their diversified portfolio.
“The provision of this loan reflects further progress for Canada Life Asset Management towards our objective of continued real estate loan book growth. This growth is underpinned by assets with strong underlying fundamentals and successful real estate sponsors, such as the Hargreaves Group.”
Tim Wilmer, investment director at Hargreaves Group, said: “This second real estate finance loan with Canada Life Asset Management builds on the existing strong relationship and assists the group in continuing to invest in property and grow the portfolio.
“The facility allows the group to acquire new commercial investment and land opportunities, whilst also enabling capital investment into the existing portfolio, including new commercial developments and upgrading assets to meet occupational demands including ESG requirements.”
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