Canada Life Asset Management today announces that it has agreed a £34m five-year fixed-rate loan with leading alternative investment manager, Investcorp. The facility, with a loan-to-value ratio of 60%, represents its third loan to the sponsor following a £36.5m facility in December 2018, which was later increased to £45.5m in October 2019.
The latest loan is secured against 10 industrial and logistic properties in the UK, with eight located in England and two in Scotland. Locations include Cannock, Skelmersdale, Gateshead, Bedford, Stone and Aberdeen. These are made up of a combined portfolio of multi-tenanted and single let assets, with 24 tenants in total, including Maier, Revlon, Skyrora, DHL and Vertiv.
Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management, commented: “We are delighted to continue supporting Investcorp with a significant facility to capitalise on the growth of the UK industrial and logistics industry. This is the latest of a number of large transactions we have funded in the past 12 months, demonstrating our ambition to target high-quality sponsors in markets that we believe will perform well as we approach 2022. We look forward to continuing our ongoing relationship with the team at Investcorp.”
Canada Life Asset Management was advised by Taylor Wessing LLP (English counsel), Lindsays (Scottish counsel), and Montagu Evans’ valuation team.
Canada Life Asset Management’s property lending business has a 30-year track record within the UK and has further expanded its lending ambitions in recent years, as it continues to grow its loan book. All of Canada Life Asset Management’s loans are managed in-house by its dedicated London team.
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.