Canada Life Asset Management completes first real estate transaction in Germany

Canada Life Asset Management has completed a loan of €19.5 million ($21.0 million) to Aviva Investors for the purchase of a logistics hub in Germany. It represents the first transaction between the two parties and marks Canada Life Asset Management’s first real estate loan in the country.

The five-year loan is secured against a newly developed logistics hub located in the Kitzingen region of Bavaria, Germany, from Scannell Properties. The site is situated in the ConneKT Logistics Park, which was completed in July 2023 and is fossil fuel free, offering nearly 12,000 square meters of warehousing space. It is fully pre-let to an online retailer on a 15-year lease.

“We are delighted to begin a new lending relationship with Aviva Investors and complete our first transaction with the team,” said Nicholas Bent, head of real estate finance, Canada Life Asset Management. “The facility, which is our first in Germany, supports the growth of our European lending platform