Canada Life Investments confirmed it has agreed a £134.75 mln (approx. €163.5 million) fifteen year fixed rate loan with Shaftesbury PLC. The loan, which is secured against certain properties held in a subsidiary company, is repayable in full at maturity in May 2029 and replaces an existing revolving credit facility provided by Bank of Scotland Plc.
This new loan will be used in part to repay drawings under the facility supplied by Bank of Scotland Plc and to meet the cost of terminating £110 mln (approx €133.5 million) of interest rate swaps entered into with Bank of Scotland Plc. The balance will be used to repay existing indebtedness drawn under other revolving credit facilities.
Nicholas Bent, Head of Real Estate Finance, Canada Life Investments, said, “We are very pleased to have agreed this deal with Shaftesbury PLC, a company which shares our long-term investment strategy and represents a significant new relationship for our business.
“The assets against which this loan is secured are high quality offering stable income streams making the transaction very attractive as we seek to grow a diversified loan book. The length of time we have been providing real estate finance, coupled with the deep sector expertise of our team means that we are able to consider a broad range of partners seeking to refinance their corporate real estate holdings.”
Source: Canada Life