Canada Life has made a £90m loan to F&C UK Real Estate Investments as part of a refinancing of its debt.
The long-term loan will be secured against a number of assets over the course of 11 years on a non-amortising basis.
The fixed-term loan is the latest in a series of loans to UK REITs and listed property companies, according to Canada Life.
For FCRE the loan provides a long-term loan at a reduced interest rate to the pre-existing loan.
Nicholas Bent, head of real estate finance at Canada Life Investments, said the loan had been extended at a very conservative loan-to-value and added: “We are seeking to expand our loan book by adding established borrowers who require longer-term debt secured by good-quality commercial property at a time of increasing competition in the market.”
