Canada Life Asset Management has announced it has completed a £101 million debt facility with Valor Real Estate Partners.
The five-year loan is secured against five recently acquired urban infill logistics properties in London, including; two units on Gemini Business Park in Beckton, East London; a 21,600 sq ft property in Wandsworth, South West London; four modern distribution assets on the Tera 40 industrial estate Greenford; a 31,000 sq ft property in Canning Town, East London; and a 112,000 sq ft multi-let estate located in Mitcham in South London.
The completion of the facility represents the first transaction between Canada Life Asset Management and Valor Real Estate Partners.
The transaction was led by Mark Dunstan, Director in Canada Life Asset Management’s Real Estate Finance team. The financing supports Canada Life’s annuity business.
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, commented: “We are pleased to initiate a new lending relationship with Valor. This facility demonstrates Canada Life’s ability to secure best-in-class sponsors by providing competitive, flexible terms and meeting ambitious target completion timeframes.
“This sub-50% LTV loan is secured by a portfolio of London logistics assets, a sector underpinned by very strong demand and supply dynamics. We look forward to building the relationship with Valor further as they continue to invest in the UK and Europe.”
Matthew Phillips, Partner and Head of Finance & Operations at Valor, commented: “This first transaction with Canada Life Asset Management adds another established global institution to our pool of lending partners. The competitive terms are an endorsement of our strategy to focus on value-add opportunities and asset mispricing in critically undersupplied submarkets, where evolving consumer trends are driving demand from a range of occupiers. We are a focused as ever on continuing to grow the platform and building relationships with lenders in the UK and in our other core European markets.”
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. All of Canada Life Asset Management’s loans are managed in-house by its dedicated London team.
Canada Life Asset Management was advised by Stephenson Harwood, Bedell Cristin (Jersey) and Vandenbulke (Luxembourg). Valor was advised by Simmons & Simmons, Ogier (Jersey) and Lockton.
ENDS
Enquiries:
Press enquiries should be directed to:
Elle McAtamney at Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
About Canada Life Asset Management:
Canada Life Asset Management manages over £36.6bn* in various asset classes, including fixed income, equities, UK property, and multi-asset solutions. We do this via a range of investment products and bespoke solutions, helping our investors and their clients achieve their long-term financial goals.
We’re also specialists in real estate finance for investors seeking to purchase or refinance commercial property throughout the UK and in selective Eurozone locations. Our focus is on providing long-term fixed rate loans secured against high quality assets with diversified or secure income, either as a portfolio or single property. For more information visit www.canadalifeassetmanagement.co.uk
*As at 31/03/2023
The value of investments may fall as well as rise and investors may not get back the amount invested.
No guarantee, warranty or representation (express or implied) is given as to this document’s accuracy or completeness.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited, Canada Life Limited and Canada Life European Real Estate Limited. Canada Life Asset Management Limited (no. 03846821), Canada Life Limited (no.00973271) and Canada Life European Real Estate Limited (no. 03846823) are all registered in England and the registered office for all three entities is Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Please note that while Canada Life Asset Management Limited and Canada Life Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.