Canada Life Asset Management has completed a £18m five-year fixed rate loan with SG Rocks to assist with the acquisition of York House, a multi-let office building located in a prime location on Kingsway, situated between Covent Garden and Holborn in Central London.
The completion of the loan represents the first transaction between Canada Life Asset Management and SG Rocks.
The transaction was led by Dom McHugh, Director in Canada Life Asset Management’s Real Estate Finance team, and supported with expertise from leading firms Stephenson Harwood, Knight Frank, and Jones Hargreaves.
Nicholas Bent, Head of Real Estate Finance, Canada Life Asset Management, commented:
“This financing reflects the strength of our asset base and our ability to provide competitive funding in the market. The prime location and quality of the underlying property played a key role in this transaction, and we are pleased to begin a new relationship with SG Rocks to support their growth in the UK office market whilst meeting the short acquisition timescales.
“We are excited to continue expanding our presence in the real estate finance market and look forward to realising our lending ambitions in the year ahead and beyond. With a strong foundation, and 30-year track record, Canada Life Asset Management is well-positioned to support borrowers with tailored financing solutions.”
Doron Lavi Segelson, CEO of SG Rocks, commented:
"We are pleased to complete our first collaboration with Canada Life Asset Management and look forward to building on this relationship in 2025 and beyond. The process was executed professionally and on time, thanks to the dedication and support of their team. Together with Canada Life, we will be implementing a comprehensive improvement program to enhance the building’s design, amenities, and energy performance, ensuring it meets the highest market standards for the future."
ENDS
Enquiries:
Press enquiries should be directed to:
Elle McAtamney at Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.
www.canadalifeassetmanagement.co.uk
About SG Rocks
SG Rocks is a privately owned real estate company, founded following the €280 million sale of SG Nordic’s Danish retail portfolio in 2022. The company focuses on value-add investments in prime London properties.
SG Rocks has acquired 10-16 Bevis Marks, EC3 in the City of London and 1-7 Livonia Street in Soho, with York House marking its third acquisition.