Canada Life Asset Management is pleased to announce the completion of a £60 million senior real estate loan to its existing borrower, Hargreaves Group. The new facility provides the Hargreaves Group with additional resources to support further acquisitions, a development pipeline and invest in the existing portfolio, supporting the continued growth of its commercial property portfolio across the South-East of England.
The loan is secured against a diverse portfolio of commercial assets, including trade counters, industrial and logistics units, retail warehouses, and offices, with a varied tenant mix. The facility is on a nine-year term with a fixed interest rate extending to 2034, ensuring long-term security for Hargreaves Group’s growth strategy.
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, commented:
“We are delighted to further our relationship with Hargreaves Group, and to support their ongoing expansion across the South-East. This £60 million facility reflects our confidence in their experienced management team and the quality of their diversified portfolio.
“The provision of this loan reflects further progress for Canada Life Asset Management towards our objective of continued real estate loan book growth. This growth is underpinned by assets with strong underlying fundamentals and successful real estate sponsors, such as the Hargreaves Group.”
Dom McHugh, Director in Canada Life Asset Management’s Real Estate Finance team, led the transaction under advisement from Fieldfisher, Montagu Evans and Jones Hargreaves.
Tim Wilmer, Investment Director, Hargreaves Group, commented:
“This second real estate finance loan with Canada Life Asset Management builds on the existing strong relationship and assists the Group in continuing to invest in property and grow the portfolio. The facility allows the Group to acquire new commercial investment and land opportunities, whilst also enabling capital investment into the existing portfolio, including new commercial developments and upgrading assets to meet occupational demands including ESG requirements.”
Hargreaves Group was advised by DWF Law LLP.
ENDS
Press enquiries should be directed to:
Elle McAtamney at Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
Katie Ormrod at Canada Life, 07834 740227, katie.ormrod@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.