Canada Life Asset Management has completed a £60m senior real estate loan with existing borrower Hargreaves Group.
The new nine-year facility provides the company with additional resources to support further acquisitions, help deliver its development pipeline and invest in its existing portfolio.
The loan is secured against a diverse portfolio of commercial assets, including trade counters, industrial and logistics units, retail warehouses and offices.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: “We are delighted to further our relationship with Hargreaves Group, and to support their ongoing expansion across the South East. This £60m facility reflects our confidence in their experienced management team and the quality of their diversified portfolio.
“The provision of this loan reflects further progress for Canada Life Asset Management towards our objective of continued real estate loan book growth. This growth is underpinned by assets with strong underlying fundamentals and successful real estate sponsors, such as the Hargreaves Group.”
Tim Wilmer, investment director at Hargreaves Group, added: “This second real estate finance loan with Canada Life Asset Management builds on the existing strong relationship and assists the group in continuing to invest in property and grow the portfolio. The facility allows the group to acquire new commercial investment and land opportunities, whilst also enabling capital investment into the existing portfolio, including new commercial developments and upgrading assets to meet occupational demands including ESG requirements.”
Dom McHugh, director in Canada Life Asset Management’s real estate finance team, led the transaction under advisement from Fieldfisher, Montagu Evans and Jones Hargreaves. Hargreaves Group was advised by DWF Law.
