Canada Life Asset Management announced the completion of a £129 million fixed rate loan to Cortland, the real estate investment, development and management company.
The loan will be used to refinance Cortland’s existing debt facility secured against Cortland at Colliers Yard, Salford, Manchester — a stabilised, recently completed 50-storey Build to Rent (BTR) property comprising 559 apartments.
Situated in Salford, on the edge of Manchester city centre, Colliers Yard is sponsored by a syndicate of investors.
The completion of the loan represents the first transaction between Canada Life Asset Management and Cortland.
The transaction was led by Mandy Froede, Director in Canada Life Asset Management’s Real Estate Finance team, supported with expertise from Fieldfisher and Savills.
Cortland were supported with expertise from DLA Piper and Knight Frank Capital Advisory.
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, said: “We are delighted to announce the completion of this transaction with Cortland. This £129 million facility reflects our confidence in the quality of this landmark Manchester asset.
“As an experienced and active lender, the completion of this transaction marks another important milestone for Canada Life Asset Management as we continue to expand our presence in the Build To Rent real estate finance market.
“With a strong track record and deep sector expertise, we remain committed to supporting high quality residential assets and providing bespoke funding solutions across the UK and European markets.”
Debbie McLauchlan, Managing Director, Cortland, said: “This refinancing highlights the strength of Cortland at Colliers Yard in Manchester and the confidence it continues to attract as a high-quality, well-located asset. Manchester remains a compelling residential market, and we’re pleased to have worked closely with Canada Life Asset Management throughout the refinancing process.
“Cortland at Colliers Yard continues to deliver an exceptional living experience for our residents, reflecting the thoughtful design, service, and quality that define the Cortland brand.”