Canada Life Asset Management has completed a £60m senior real estate loan to Hargreaves Group.
The loan is aimed at supporting Hargreaves Group’s plans for further acquisitions, development pipeline and investment in its existing commercial property portfolio across the South-East.
The loan is secured against a mix of commercial assets, including trade counters, industrial and logistics units, retail warehouses and offices.
It is on a nine-year term at a fixed interest rate to 2034.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: “We are delighted to further our relationship with Hargreaves Group, and to support their ongoing expansion across the South-East.
“This £60 million facility reflects our confidence in their experienced management team and the quality of their diversified portfolio.
“The provision of this loan reflects further progress for Canada Life Asset Management towards our objective of continued real estate loan book growth.”
Bent added: “This growth is underpinned by assets with strong underlying fundamentals and successful real estate sponsors, such as the Hargreaves Group.”
Dom McHugh, director in the real estate finance team, led the deal with advice from Fieldfisher, Montagu Evans and Jones Hargreaves.
Tim Wilmer, investment director at Hargreaves Group, said: “This second real estate finance loan with Canada Life Asset Management builds on the existing strong relationship and assists the Group in continuing to invest in property and grow the portfolio.
“The facility allows the Group to acquire new commercial investment and land opportunities, whilst also enabling capital investment into the existing portfolio, including new commercial developments and upgrading assets to meet occupational demands including ESG requirements.”
