Valor Real Estate Partners has completed a £101m debt facility with Canada Life Asset Management secured against logistics assets spread across London.
The five-year investment loan, referenced off gilts, is the first transaction between the two parties.
Matthew Phillips, partner and head of finance and operations at Valor, said: “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 which is focused on value-add opportunities and asset mis-pricing in critically undersupplied submarkets, where evolving consumer trends are driving demand from a range of occupiers. We continue to grow the platform and build relationships with lenders in the UK and in our other core European markets.”
Nicholas Bent, head of real estate finance at Canada Life Asset Management, added: “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.”
Valor was advised by Simmons & Simmons, Ogier (Jersey) and Lockton. Canada Life Asset Management was advised by Stephenson Harwood, Bedell Cristin (Jersey) and Vandenbulke (Luxembourg). The transaction was led by Mark Dunstan, director in Canada Life Asset Management’s real estate finance team.
