Canada Life Asset Management has completed a £129m fixed rate loan to real estate investment manager, Cortland.

The loan will be used to refinance Cortland’s existing debt facility secured against the group at a recently completed 50-storey build-to-rent (BTR) property comprising 559 apartments.

Situated in Salford, the project, Cortland at Colliers Yard, represents the first transaction between Canada Life Asset Management and Cortland. The asset also contains strong ESG credentials and has been sponsored by a syndicate of experienced and well-capitalised investors. 

The transaction was led by director in Canada Life Asset Management’s real estate finance team, Mandy Froede, supported with expertise from Fieldfisher and Savills.

Head of real estate finance at Canada Life Asset Management, Nicholas Bent, commented: “This £129m 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.”

Managing director at Cortland, Debbie McLauchlan, added: “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. 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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