Canada Life Investments has entered in to a transaction with F&C UK Real Estate Investments Limited (FCRE) to assist with refinancing the existing debt facility of the FCRE group.
FCRE is a UK Real Estate Investment Trust (REIT) and is listed on the London Stock Exchange. Canada Life Investments is providing a £90m facility over an eleven-year term to a member of the FCRE group on a non-amortising basis, secured against a diversified portfolio of assets.
This will be the latest in a series of sizeable loans which Canada Life has provided to UK REITs and Property Income Funds, where attractive long term fixed rate lending terms have been achieved, providing borrowers with flexibility for ongoing property fund management, supported by strong underlying real estate and experienced asset managers.
For FCRE, refinancing its existing debt facility will allow it to take advantage of the current availability of long term borrowings at attractive rates of interest.