Canada Life Asset Management has today announced that it has completed a £148 million loan to LXi REIT plc. The loan will refinance a mixed-use, UK regional portfolio of commercial property assets, typically let on inflation-linked, long-term leases, providing a diversified, secure income profile, on behalf of Canada Life’s annuity business.
The loan has been provided at an LTV of 40% and is over a 16-year term, maturing in 2039.
Mark Dunstan, Director, Real Estate Finance, 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.”
Simon Lee, Partner and Fund Manager, LXi REIT Advisors, commented:
“LXI is delighted to welcome Canada Life Asset Management as a new lender to the group and we look forward to a long term and close relationship with them.”
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, commented:
“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.”
Canada Life Asset Management was advised by Taylor Wessing LLP (English counsel), Morton Fraser (Scottish counsel), and BNP Paribas’ real estate valuation team.
Canada Life Asset Management’s property lending business has a 30-year track record within the UK and has further expanded its lending ambitions in recent years, as it continues to grow its loan book. All of Canada Life Asset Management’s loans are managed in-house by its dedicated London team.
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Notes to Editors:
About Canada Life Asset Management
Canada Life Asset Management manages over £37.4bn* in various asset classes, including fixed income, equities, UK property, and multi-asset solutions. We do this via a range of investment products and bespoke solutions, helping our investors and their clients achieve their long-term financial goals.
We’re also specialists in real estate finance for investors seeking to purchase or refinance commercial property throughout the UK and in selective Eurozone locations. Our focus is on providing long-term fixed rate loans secured against high quality assets with diversified or secure income, either as a portfolio or single property. For more information visit www.canadalifeassetmanagement.co.uk
*As at 31/03/2023
The value of investments may fall as well as rise and investors may not get back the amount invested.
No guarantee, warranty or representation (express or implied) is given as to this document’s accuracy or completeness.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited, Canada Life Limited and Canada Life European Real Estate Limited. Canada Life Asset Management Limited (no. 03846821), Canada Life Limited (no.00973271) and Canada Life European Real Estate Limited (no. 03846823) are all registered in England and the registered office for all three entities is Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Please note that while Canada Life Asset Management and Canada Life Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.
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