Canada Life Investments has increased its fixed-rate loan facility to a leading global provider and manager of alternative investment products to £45.5m with the completion of a new £9m loan. The additional loan assisted with the £16.35m acquisition of an urban logistics warehouse at Thornes Farm Business Park in Leeds, which is fully let to food manufacturer Symington’s Limited on a lease with 16 years remaining.
The new facility is fully cross-secured against the existing £36.5m fixed-rate facility Canada Life Investments provided in December 2018 on a five-year term, which comprises nine single-let industrial and logistics properties in locations such as Birmingham, Manchester, Leeds, St Helens, Glasgow and Livingston. The combined portfolio includes tenants such as Fujitsu, JB Global, Clipper Logistics Plc, and Nampak Plastics providing a weighted average unexpired lease term of over 9 years.
Nicholas Bent, Head of Real Estate Finance at Canada Life Investments, commented: “We are delighted to continue supporting our partners’ efforts to capitalize on the growth of the UK industrial and logistics sector. The addition of this new asset helps to diversify income, reduce overall gearing, and extend the WAULT of the portfolio. We are continuing to expand and diversify our commercial loan book across numerous sectors to proven real estate specialists, and this facility helps us to achieve this goal.
Please note that while Canada Life Asset Management and Canada Life Limited are regulated as stated in the below website footer, property management and the provision of commercial mortgages are not regulated activities.