Canada Life Asset Management today announced it has completed two loans totalling €55.7 million to PATRIZIA AG, a leading partner for global real assets, for two funds it manages.
The ten-year loans are secured by two newly constructed, direct-let student accommodation blocks in the city centre of Dublin. The two properties total 576 accommodation units.
This latest deal follows on from Canada Life Asset Management providing PATRIZIA AG with a UK industrial portfolio loan of £101 million in June last year, for a fund it manages on behalf of an institutional client.
Commenting on the loan completion, Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management, said: “We are pleased to continue our relationship with PATRIZIA AG by providing a loan of €55.7 million, demonstrating our ongoing commitment and appetite to fund large transactions. Despite an uncertain economic environment, we continue to strategically source and target high-quality sponsors in markets that we believe will perform well.”
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. 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 Fieldfisher LLP (UK and Irish counsel) and Knight Frank’s valuation team.