Canada Life Asset Management has completed a new £59.4 million loan to a Pan-European property fund managed by Patrizia SE, a leading partner for global real assets. The four-year loan is secured by a portfolio of three UK retail parks with a loan-to-value ratio of 50 per cent.
The portfolio offers strong diversification in terms of tenancies and geographically. Each of the properties are broadly stabilised and will benefit from further asset management strategies, delivered by Patrizia’s local team over the next 12 months.
Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management, said:
“We’re pleased to continue our ongoing relationship with Patrizia SE by providing a loan of £59.4 million. Despite the challenging lending environment, this transaction demonstrates Canada Life Asset Management’s ongoing appetite for commercial real estate loans, providing good yield enhancement opportunities and supporting Canada Life’s annuity business.”
Canada Life Asset Management was advised by Fieldfisher LLP, Knight Frank’s valuation team and BNP Paribas Real Estate’s Building Consultancy 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, long standing team based in London.