Advising Canada Life Asset Management on £101 million five-year real estate loan

We have advised Canada Life Asset Management on a £101.15 million loan to PATRIZIA AG, a leading partner for global real assets, for a fund it manages on behalf of a South Korean pension fund.

The five-year loan is secured on a portfolio of five UK multi-let industrial and logistics estates with a loan-to-value ratio of 58%. The highly diversified portfolio, totalling 1.5 million square feet, is located across five different regions of the UK and has over 70 tenants. The properties include established estates in Birmingham, Feltham, Aylesford and Fife, as well as a new-build asset in Braintree, Essex.

Commenting on the transaction, Real Estate Partner Emma Oakley, said: "This is an important moment for Canada Life Asset Management. As we emerge from the pandemic, securing a deal this size is exceptional and demonstrates the business' strong position in the real estate market."

Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management, added: “This latest deal highlights our capability to fund large transactions. The Taylor Wessing team was a huge support for us in successfully achieving a loan of this calibre. They are rightly known as leading advisors in the real estate sector."

The team was led by Real Estate Partner Emma Oakley and Banking & Finance Partner Edward Manser, with support from Senior Associates Elisabeth Heide, Rhys Bufton, and Alice Thomas, and Associates Olivia Briggs and Francesca Gibbs.