Canada Life Asset Management has completed a £101m loan to a South Korean pension fund managed by Patrizia, for a UK industrial and logistics portfolio.
The five-year loan is secured against five multi-let industrial and logistics estates with a loan-to-value ratio of 58%.
The portfolio totals 1.5m sq ft and has locations in Birmingham, Feltham, Aylesford and Fife, as well as a new-build asset in Braintree, Essex. Combined, it has more than 70 tenants.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: “Reaching the halfway point of 2021, we have demonstrated a strong appetite for commercial real estate loans.
“Our recent originations involve strategic targeting of high-quality sponsors in markets that we believe will continue to perform well as we emerge from the pandemic.”
Canada Life’s property lending business has a 30-year track record within the UK and has expanded its lending ambitions in recent years, to target £1bn of new lending each year.
Canada Life was advised by Knight Frank’s valuation team and law firm Taylor Wessing.
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