Canada Life Asset Management has completed a £101.15 mln (€118 mln) loan to global real estate investor Patrizia, for a fund it manages on behalf of a South Korean pension fund.
The five-year loan is secured on a portfolio of five UK multi-let industrial and logistics estates with a loan-to-value ratio of 58%.
The diversified portfolio, totalling 1.5 million ft2, is located across five different regions of the UK and has over 70 tenants. The properties include established estates in Birmingham, Feltham, Aylesford and Fife, as well as a new-build asset in Braintree, Essex.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: 'We are delighted to work with Patrizia AG, a leading real estate investment manager, to provide this portfolio loan of £101 mln, highlighting our capability to fund large transactions.
'Reaching the halfway point of 2021, we have demonstrated a strong appetite for commercial real estate loans. Our recent originations involve strategic targeting of high-quality sponsors in markets that we believe will continue to perform well as we emerge from the pandemic.'
Canada Life Asset Management’s property lending business has a 30-year track record within the UK and has further expanded its lending ambitions over recent years, now targeting £1 bn of new lending each year. All of Canada Life Asset Management’s loans are managed in-house by its London team.
Canada Life Asset Management was advised by Taylor Wessing LLP (UK counsel) and Knight Frank’s valuation team.
