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Canada Life provides £101m debt facility for Valor

5 December 2023

Last-mile specialist Valor Real Estate Partners has secured a £101m debt facility with Canada Life Asset Management.

The five-year investment loan, referenced off gilts, represents the first transaction between the two parties.

The loan is secured against five recently purchased urban infill logistics properties. Valor said the assets are all located in undersupplied inner London submarkets where the reallocation of land for residential use has restricted industrial development, pushed down availability and is underpinning rental growth.

The properties are:

• Two facilities at Gemini Business Park in Beckton, E6, where Valor has completed a sustainability- led refurbishment. It has developed 14,500 sq ft of warehousing space, leased in October on a 10-year term to Jardine Group.
• A 21 ,600 sq ft wogerty in Wandsworth, SW18, which Valor acquired from a private landlord and leased to womenswear brand Phase Eight, with a rent review due in 2026.
• Four distribution assets on the Tera 40 industrial estate in Greenford , west London, acquired in August and totalling 341,000 sq ft. It is let to Tesco, Palletways, Royal Mail and Micheldever.
• A 31,000 sq ft, single-property estate in Canning Town, E16, acquired off-market and 100% occupied by three tenants, with the leases subject to upcoming open-market rent reviews and fixed uplifts.