Canada Life Investments and Mayfair Capital Investment Management have provided a second loan of £24 million (€30 million; $40 million) with a tenor of seven years to Property Income Trust for Charities (PITCH), the firms said in a statement.
Canada Life has now provided £50 million in debt financing to PITCH, having previously agreed a £26 million facility in August last year.
The two loans are secured against a mixed 13-strong portfolio of office, retail and industrial assets across the UK with a weight average unexpired lease term of more than 10 years. Both loans are interest-only, fixed rate, and were drawn at about 50 percent loan-to-value.
In May this year, Canada Life agreed a 20 year, £200 million fixed-rate loan secured against a portfolio of prime central London real estate.
Nicholas Bent, head of Real Estate Finance at Canada Life Investments, said in the statement: “This new loan helps us to build on our existing relationship with Mayfair Capital Investment Management and is also a demonstration of our commitment to providing flexible, medium-term loan facilities to institutional borrowers. While Canada Life Investments is traditionally seen to be a long-term lender, this latest loan is evidence that we also provide shorter-term facilities to high quality borrowers.”
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