Canada Life Asset Management has provided a \u00a3129 million fixed-rate loan to refinance Cortland\u2019s debt on the Colliers Yard Build to Rent development in Salford, near Manchester city centre.<\/p>\n
The 50-storey development, which has recently completed construction, contains 559 apartments with amenity space. The transaction represents the first deal between Canada Life Asset Management and Cortland.<\/p>\n
Mandy Froede, director in Canada Life Asset Management\u2019s real estate finance team, led the transaction. Fieldfisher and Savills provided advisory services to Canada Life, while Cortland received advice from DLA Piper and Knight Frank Capital Advisory.<\/p>\n
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: \u201cThis \u00a3129 million facility reflects our confidence in the quality of this landmark Manchester asset.\u201d<\/p>\n
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He added that the completion marks another step in Canada Life Asset Management\u2019s expansion in the Build to Rent real estate finance market, with the firm continuing to provide funding solutions across UK and European markets.<\/p>\n
Debbie McLauchlan, managing director at Cortland, stated: \u201cThis 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.\u201d<\/p>\n
The property is backed by a syndicate of investors and includes environmental, social and governance credentials.<\/p>\n
The refinancing demonstrates continued lender appetite for the Build to Rent sector in Manchester, with the city remaining an active market for residential investment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Canada Life Asset Management has provided a \u00a3129 million fixed-rate loan to refinance Cortland\u2019s debt on the Colliers Yard Build to Rent development in Salford, near Manchester city centre. The 50-storey development, which has recently completed construction, contains 559 apartments with amenity space. The transaction represents the first deal between Canada Life Asset Management and […]<\/p>\n","protected":false},"author":1,"featured_media":7733,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n