Canada Life Asset Management today announced it has completed a loan of €19.5 million to Aviva Investors for the purchase of a logistics hub in Germany. This represents the first transaction between the two parties and marks Canada Life Asset Management’s first real estate loan in the country.
The five-year loan is secured against a newly-developed logistics hub located in the Kitzingen region of Bavaria, Germany from Scannell Properties. The site is situated in the ConneKT Logistics Park, which was completed in July 2023 and is fossil-fuel free, offering nearly 12,000 sq m of warehousing space. It is fully pre-let to an online retailer on a 15-year lease.
The transaction was led by Mandy Froede, Director in Canada Life Asset Management’s Real Estate Finance team.
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, commented: “We are delighted to begin a new lending relationship with Aviva Investors and complete our first transaction with the team. The facility, which is our first in Germany, supports the growth of our European lending platform and demonstrates our ability and appetite to support best-in-class sponsors investing in high-quality sectors. We look forward to building the relationship with Aviva Investors further.”
Canada Life Asset Management was advised by Fieldfisher (UK and Germany), Maples & Calder (Luxembourg) and BNP Paribas’ real estate valuation team (Germany). Aviva Investors was advised by DLA Piper.
ENDS
Enquiries:
Press enquiries should be directed to:
Elle McAtamney at Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
About Canada Life Asset Management
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited, Canada Life Limited and Canada Life European Real Estate Limited. Canada Life Asset Management Limited (no. 03846821), Canada Life Limited (no.00973271) and Canada Life European Real Estate Limited (no. 03846823) are all registered in England and the registered office for all three entities is Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Please note that while Canada Life Asset Management Limited and Canada Life Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.