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.
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.