Canada Life Asset Management has completed a £59.4m loan to a pan-European property fund managed by Patrizia SE, secured by a portfolio of three UK retail parks.
The four-year loan has a loan-to-value ratio of 50%.
Canada Life said the properties offered strong diversification in terms of tenancies and geographically and were “broadly stabilised”.
Patrizia plans to deliver further asset management strategies across the portfolio over the next 12 months.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said the loan demonstrated an ongoing appetite for commercial real estate loans – despite the challenging lending environment.
Canada Life Asset Management was advised by Fieldfisher, Knight Frank’s valuation team and BNP Paribas Real Estate’s building consultancy team.
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