Canada Life Asset Management today announced it has completed a £101.15 million loan to PATRIZIA AG, a leading partner for global real assets, 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 per cent.
The highly diversified portfolio, totalling 1.5 million square feet, 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 million, 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 billion of new lending each year. All of Canada Life Asset Management’s loans are managed in-house by its dedicated London team.
PATRIZIA AG is among the top 10 independent investment managers for real estate in Europe.
Canada Life Asset Management was advised by Taylor Wessing LLP (UK counsel) and Knight Frank’s valuation team.
Notes to Editors:
About Canada Life Asset Management
At Canada Life Asset Management, we manage £39.4bn* in fixed income, equities, UK property and multi-asset solutions. Our range of investment solutions has been designed to support financial advisers and their clients in meeting their long-term objectives.
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
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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.
As at 31/03/2021