Canada Life Asset Management has completed a £129 million fixed-rate loan to refinance Cortland’s existing debt facility on its Colliers Yard Build to Rent (BTR) property in Salford, near Manchester city centre.
The 50-storey, recently completed development comprises 559 apartments and offers extensive amenity space. The property also boasts strong ESG credentials and is supported by a syndicate of experienced, well-capitalised investors.
This marks the first transaction between Canada Life Asset Management and Cortland.
The deal was led by Mandy Froede, director in Canada Life Asset Management’s real estate finance team, with support from Fieldfisher and Savills. Cortland received advice from DLA Piper and Knight Frank Capital Advisory.
“We are delighted to announce the completion of this transaction with Cortland,” said Nicholas Bent, head of real estate finance at Canada Life Asset Management. “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.”
“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,” said Debbie McLauchlan, managing director at Cortland. “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.”
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