Canada Life Asset Management has completed a £43 million bi-lateral loan to refinance three Central London multi-let residential blocks on Great Portland Street.
This latest loan continues to further diversify Canada Life Asset Management’s loan book, offering competitively priced, longer term debt to Amazon Property, a long-established property investment and development group. Amazon Property is headed up by CEO Charles Gourgey, a highly experienced real estate investor who has been active in the London real estate market for over 25 years.
Arranged over a 10-year term, the loan is secured against premium residential and commercial accommodation in a highly sought-after Central London location, close to Regent’s Park. The loan replaces existing bank finance from NatWest.
Canada Life Asset Management was advised by Stephenson Harwood LLP and Savills valuation team and the debt advisor was First Wealth Management Limited.
Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management, said: “This transaction further demonstrates our ability to continue to lend into sectors where the market might not traditionally expect to see us – in this case 40 highly specified apartments let on Assured Shorthold Tenancies, with ground floor commercial space. We are able to lend on terms ranging from 5 to 35 years, as well as across alternative asset classes, demonstrating the breadth of our lending capabilities.”
Harsh Desai, Director at Amazon Property, commented: “We found Canada Life Asset Management to be competitively priced and reliable. We concluded the transaction in an acceptable timescale and enjoyed working with them. We hope this is one of many that we will complete with them in the future.”
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.
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.