Martin’s Properties, a leading London property company operating across London and the South of England, today announces a £26.9m long term refinancing deal with Canada Life Asset Management.
Martin’s Properties has capitalised on its low leverage, high quality assets and balance sheet to secure the long-term finance. Alongside the refinancing, the property company has sold £22m of assets in the last 6 months. The business has a plan to deploy around £40m of cash resources on a revolving basis, with a focus on distressed investment assets, opportunistic development and repositioning opportunities.
David Brown, Chief Financial Officer, Martin’s Properties comments: “We have capitalised on our low leverage and portfolio of quality assets to raise long-term finance. Our balance sheet remains conservatively leveraged with fully fixed-rate long-dated debt to give us certainty of funding. The refinancing with Canada Life Asset Management further strengthens our financial fire-power.”
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, commented: “We’re delighted to continue our relationship with Martin's Properties by agreeing a significant refinancing transaction of £26.9 million. Despite the uncertain and volatile economic environment, we remain committed to continue to support high-quality sponsors in markets that we believe will perform well over the long-term.”
Richard Bourne, Chief Executive, Martin’s Properties comments: “Despite the headwinds facing the economy and property market, the resulting uncertainty and volatility creates opportunity for those that are well funded with available cash resources to deploy. The refinancing with Canada Life Asset Management, combined with our strategic sales programme, put us in a strong cash position to capitalise on opportunities that arise over the coming months. We are actively looking for a mixture of discounted and distressed investment assets and opportunities to utilise our in-house development and asset management expertise to repurpose assets and significantly improve their ESG credentials.”