Canada Life Investments has agreed a £134.75 mln (€164 mln) 15-year fixed rate loan with Shaftesbury, a real estate investment trust focused on London's West End.
Canada Life Investments has agreed a £134.75 mln (€164 mln) 15-year fixed rate loan with Shaftesbury, a real estate investment trust focused on London's West End.
The loan, which is secured against certain properties held in a subsidiary company, is repayable in full at maturity in May 2029 and replaces an existing revolving credit facility provided by Bank of Scotland.
This new loan will be used in part to repay drawings under the facility supplied by Bank of Scotland and to meet the cost of terminating £110 mln of interest rate swaps entered into with Bank of Scotland. The balance will be used to repay existing indebtedness drawn under other revolving credit facilities.
'The assets against which this loan is secured are high quality offering stable income streams, making the transaction very attractive as we seek to grow a diversified loan book,' said Nicholas Bent, head of Real Estate Finance at Canada Life Investments. 'The length of time we have been providing real estate finance, coupled with the deep sector expertise of our team means that we are able to consider a broad range of partners seeking to refinance their corporate real estate holdings.'