Canada Life Asset Management has provided a £129 million fixed-rate loan to refinance Cortland’s debt on the Colliers Yard Build to Rent development in Salford, near Manchester city centre.
The 50-storey development, which has recently completed construction, contains 559 apartments with amenity space. The transaction represents the first deal between Canada Life Asset Management and Cortland.
Transaction details
Mandy Froede, director in Canada Life Asset Management’s real estate finance team, led the transaction. Fieldfisher and Savills provided advisory services to Canada Life, while Cortland received advice from 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.”
He added that the completion marks another step in Canada Life Asset Management’s expansion in the Build to Rent real estate finance market, with the firm continuing to provide funding solutions across UK and European markets.
Market context
Debbie McLauchlan, managing director at Cortland, stated: “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.”
The property is backed by a syndicate of investors and includes environmental, social and governance credentials.
The refinancing demonstrates continued lender appetite for the Build to Rent sector in Manchester, with the city remaining an active market for residential investment.