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UK: Canada Life Asset Management has completed a £129 million fixed-rate loan for Cortland to refinance debt on a build-to-rent (BTR) scheme near Manchester.
Cortland at Colliers Yard is a recently completed 50-storey BTR project featuring 559 apartments, located in Salford on the edge of Manchester.
The transaction marks the first deal between Canada Life and Cortland. It was led by Mandy Froede, director in Canada Life’s real estate finance team, with advisory support from Fieldfisher and Savills.
Cortland was advised by DLA Piper and Knight Frank Capital Advisory.
Nicholas Bent, head of real estate finance at Canada Life Asset Management, said: “This £129 million facility reflects our confidence in the quality of this landmark Manchester asset. As an experienced and active lender, the completion of this transaction marks another important milestone for Canada Life Asset Management as we continue to expand our presence in the build-to-rent real estate finance market.
“With a strong track record and deep sector expertise, we remain committed to supporting high quality residential assets and providing bespoke funding solutions across the UK and European markets.”
Debbie McLauchlan, managing director at Cortland, said: “This refinancing highlights the strength of Cortland at Colliers Yard in Manchester and the confidence it continues to attract as a high-quality, well-located asset. Manchester remains a compelling residential market, and we’re pleased to have worked closely with Canada Life Asset Management throughout the refinancing process.
“Cortland at Colliers Yard continues to deliver an exceptional living experience for our residents, reflecting the thoughtful design, service, and quality that define the Cortland brand.”
Highlights:
- Canada Life Asset Management has provided a £129 million fixed-rate loan to refinance debt on Cortland at Colliers Yard
- The recently completed 50-storey build-to-rent scheme in Salford, near Manchester, comprises 559 apartments
- The refinancing marks the first deal between Canada Life Asset Management and US-based residential operator Cortland
