Cortland rejigs Colliers Yard funding
Canada Life Asset Management has agreed a £129m fixed rate loan with the developer, refinancing an existing debt facility secured against the 51-storey Salford BTR tower.
Completed in 2023, the Colliers Yard tower comprises 559 apartments. The Greengate project originated with local high-rise powerhouse Renaker, which sold it to build-to-rent specialist Cortland and Madison International Realty in 2021, completing it for the partners two years later.
Canada Life said that the asset “boasts an exceptional level of amenity space, benefits from strong ESG credentials and is sponsored by a syndicate of experienced and well-capitalised investors”.
The completion of the loan represents the first transaction between Canada Life Asset Management and Cortland.
The transaction was led by Mandy Froede, director in Canada Life AM’s real estate finance team, supported by Fieldfisher and Savills.
Cortland was represented by DLA Piper and Knight Frank Capital Advisory.
Nicholas Bent, head of real estate finance, Canada Life Asset Management, said: “This £129m 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 of 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.”
OMI designed the scheme, with Denton Corker Marshall taking over as delivery architect. Colliers Yard includes 25,000 sq ft of amenity in a three-storey brick podium, and also has outdoor amenity in the form of Greengate Park.
