Canada Life Asset Management has completed a bespoke real estate loan totalling £286 million for a private client, split across three co-terminus tranches and secured by a multi-jurisdiction portfolio of UK and US real estate.
The long-term fixed rate financing runs until 2034 and is secured against a highly diversified portfolio of prime real estate located on London’s Bond Street and Manhattan’s Madison Avenue at a sub 50% LTV.
Canada Life Asset Management was advised by Taylor Wessing LLP (UK counsel), Holland & Knight LLP (US counsel) and Knight Frank’s valuation team.
Nicholas Bent, Head of Real Estate Finance, said: “This loan demonstrates Canada Life Asset Management’s ability to offer bespoke financing solutions to meet our borrowers needs and our ongoing capability to fund larger transactions within the commercial property lending market.”
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 billion of new lending each year. All of Canada Life Asset Management’s loans are managed in-house by its dedicated London team.
About Canada Life Asset Management
At Canada Life Asset Management, we manage £40.9bn* in fixed income, equities, UK property and multi-asset solutions.
Each of our offerings has been built for a purpose, whether it sits at the core of a portfolio to provide long-term growth or offers access to a specific global market. Our 40-year + history as asset managers gives us the expertise necessary to provide the highest quality multi-asset and risk-profiled solutions as well as attractive equity, fixed income and alternative funds, and real estate finance. For more information visit www.canadalifeassetmanagement.co.uk
*As at 31/12/2020
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.