Canada Life provides £129m refinancing for Cortland BTR tower in Salford

Canada Life Asset Management provided a £129 million fixed-rate loan to refinance the debt facility on Cortland at Colliers Yard, a recently completed and stabilised 50-storey build-to-rent tower in Salford. The property is among the tallest residential developments in the North West of England and benefits from strong ESG credentials and extensive amenity provision. Cortland is a US-headquartered real estate group that has been active in the UK BTR market, bringing institutional-grade management standards to large-scale rental housing. Canada Life Asset Management is one of the UK's most active long-term real estate debt providers. The £129 million fixed-rate loan refinances the property's existing development and acquisition financing on a stabilised basis, reflecting improved metrics since completion. The fixed-rate structure provides Cortland with long-term certainty on its cost of capital.