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Hargreaves Group agrees £50 million senior loan facility with Canada Life Asset Management

Hargreaves Group, a private family-owned investment and development Company specialising in commercial and residential property across the South East of England, today announces the completion of a senior loan facility from Canada Life Asset Management providing a £50m fixed rate loan expiring in 2034 at a highly competitive rate.

Alastair Skinner, Managing Director Hargreaves Group comments: “We are very pleased to be working with Canada Life Asset Management and this commitment provides us with the flexibility and opportunity to achieve our ambitious growth targets and long-term strategy. We are actively looking to continue to invest in regional markets across the South East with a specific focus on industrial and retail warehouses alongside our continued work in pushing forward our development pipeline”.

The loan replenishes equity reserves, following recent investments of over £50m including the recent purchases of Homebase, Old Shoreham Road, Hove (35,500 Sq Ft) and the adjoining 4,000 sqft vacant Ambulance Station for £16.5m

Neil Cottle, Finance Director, Hargreaves Group comments: “This is the first material real estate finance loan the Company has taken in it’s recent 60-year history and I look forward to a new banking relationship with Canada Life Asset Management. The loan reaffirms our strong financial position allowing us to continue to invest and grow our portfolio.”

Richard Andrew, Chairman, Hargreaves Group comments: “This a great achievement by the team and provides us with the building blocks needed to continue to grow the business and deliver our long-term strategy”

Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management comments: “Following a successful 2021 for Canada Life Asset Management, we are delighted to start the new year by entering into a new long-term relationship with such an experienced operator, supporting Hargreaves Group’s growth plans with a £50 million facility. This is one of a number of significant transactions we have in our pipeline as we continue to target high-quality sponsors in markets that we believe will perform well in 2022 and in the longer term"