Investment manager Barings has won a £250m real estate debt mandate from insurer Phoenix Group.
Barings will build a portfolio of investment-grade UK commercial mortgage loan assets for Phoenix’s matching adjustment portfolio. The first deal under the new mandate is a £30m, 30-year mortgage loan on a mixed-used office and retail property on London’s Tottenham Court Road.
The portfolio will comprise industrial, residential and offices loan assets in London and the regions. The facilities will have a term of between five and 50 years.
Sam Mellor, Barings’ head of real estate debt for Europe and Asia-Pacific, said: “As the banks retrench from the UK lending market, we continue to see a healthy pipeline of opportunities… Our performance in 2020, despite the challenging market environment, has put us in a good position as we look to grow our loan book this year in the UK and across Europe.”
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