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Canada Life Asset Administration has offered a £129 million fixed-rate mortgage to refinance Cortland’s debt on the Colliers Yard Construct to Lease growth in Salford, close to Manchester metropolis centre.
The 50-storey growth, which has lately accomplished building, incorporates 559 residences with amenity area. The transaction represents the primary deal between Canada Life Asset Administration and Cortland.
Transaction particulars
Mandy Froede, director in Canada Life Asset Administration’s actual property finance group, led the transaction. Fieldfisher and Savills offered advisory companies to Canada Life, whereas Cortland obtained recommendation from DLA Piper and Knight Frank Capital Advisory.
Nicholas Bent, head of actual property finance at Canada Life Asset Administration, stated: “This £129 million facility displays our confidence within the high quality of this landmark Manchester asset.”
He added that the completion marks one other step in Canada Life Asset Administration’s growth within the Construct to Lease actual property finance market, with the agency persevering with to supply funding options throughout UK and European markets.
Market context
Debbie McLauchlan, managing director at Cortland, said: “This refinancing highlights the power of Cortland at Colliers Yard in Manchester and the boldness it continues to draw as a high-quality, well-located asset.”
The property is backed by a syndicate of buyers and contains environmental, social and governance credentials.
The refinancing demonstrates continued lender urge for food for the Construct to Lease sector in Manchester, with town remaining an lively marketplace for residential funding.
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