SG Rocks has secured a £18m five-year fixed rate loan from Canada Life Asset Management to assist with the acquisition of the York House office building on Kingsway in Central London.
The completion of the loan represents the first transaction between Canada Life Asset Management and SG Rocks.
Doron Lavi Segelson, CEO of SG Rocks, said: “We are pleased to complete our first collaboration with Canada Life Asset Management and look forward to building on this relationship in 2025 and beyond. The process was executed professionally and on time, thanks to the dedication and support of their team. Together with Canada Life, we will be implementing a comprehensive improvement programme to enhance the building’s design, amenities, and energy performance, ensuring it meets the highest market standards for the future.”
Nicholas Bent, head of real estate finance, Canada Life Asset Management, added: “This financing reflects the strength of our asset base and our ability to provide competitive funding in the market. The prime location and quality of the underlying property played a key role in this transaction, and we are pleased to begin a new relationship with SG Rocks to support their growth in the UK office market whilst meeting the short acquisition timescales.
“We are excited to continue expanding our presence in the real estate finance market and look forward to realising our lending ambitions in the year ahead and beyond. With a strong foundation, and 30-year track record, Canada Life Asset Management is well-positioned to support borrowers with tailored financing solutions.”
The transaction was led by Dom McHugh, director in Canada Life Asset Management’s real estate finance team, with advice from Knight Frank and Jones Hargreaves.
