Canada Life Investments has provided £108 million of debt finance to CBRE Global Investors across two fixed-rate loans.
The interest-only loans have terms of five and seven years and were written at “conservative” loan-to-value ratios, Canada Life said. CBRE’s debt and structured finance team advised the borrower.
The first of the two facilities is secured by prime retail units on London’s Regent Street, including shop units leased to Hackett, Links of London and Chruch’s. The second loan is secured against the Angel Central shopping centre in Islington, north London, a multi-let asset with tenants including Vue Cinemas, H&M, GAP, Tiger, the O2 Academy and Argos.
Canada Life has not previously financed CBRE Global Investors, explained Nicholas Bent, head of real estate finance at Canada Life Investments. “The addition of CBRE Global Investors is consistent with our strategy of growing the loan book by lending to established borrowers with high quality real estate assets in the UK and Europe,” he added.
CBRE Global Investors is one of the world’s largest real estate investment management firms with $86.6 billion in assets under management as at 31 December 2016.