Hargreaves Group agrees £50 million senior loan facility with Canada Life Asset Management

Hargreaves Group, a private family-owned investment and development Company specialising in commercial and residential property across the South East of England, today announces the completion of a senior loan facility from Canada Life Asset Management providing a £50m fixed rate loan expiring in 2034 at a highly competitive rate.

Alastair Skinner, Managing Director Hargreaves Group comments: “We are very pleased to be working with Canada Life Asset Management and this commitment provides us with the flexibility and opportunity to achieve our ambitious growth targets and long-term strategy. We are actively looking to continue to invest in regional markets across the South East with a specific focus on industrial and retail warehouses alongside our continued work in pushing forward our development pipeline”.

The loan replenishes equity reserves, following recent investments of over £50m including the recent purchases of Homebase, Old Shoreham Road, Hove (35,500 Sq Ft) and the adjoining 4,000 sqft vacant Ambulance Station for £16.5m

Neil Cottle, Finance Director, Hargreaves Group comments: “This is the first material real estate finance loan the Company has taken in it’s recent 60-year history and I look forward to a new banking relationship with Canada Life Asset Management. The loan reaffirms our strong financial position allowing us to continue to invest and grow our portfolio.”

Richard Andrew, Chairman, Hargreaves Group comments: “This a great achievement by the team and provides us with the building blocks needed to continue to grow the business and deliver our long-term strategy”

Nicholas Bent, Head of Real Estate Finance at Canada Life Asset Management comments: “Following a successful 2021 for Canada Life Asset Management, we are delighted to start the new year by entering into a new long-term relationship with such an experienced operator, supporting Hargreaves Group’s growth plans with a £50 million facility. This is one of a number of significant transactions we have in our pipeline as we continue to target high-quality sponsors in markets that we believe will perform well in 2022 and in the longer term

2022-01-14T17:10:26+00:00

Objective	Target Year
Establish an ESG working group	Established
Develop a website section disclosing ESG strategy and progress	Completed
All new developments must be sustainable developments	Annual
Implement a process for regular asset-level performance review	2024
Set minimum standards for major development and refurbishments	Completed

Objective	Target Year
Integrate Wellbeing Principles into new development or refurbishments	2024
Establish biodiversity net-gain objectives for new developments	Completed

Objective	Target Year
Maintain zero waste to landfill (controlled assets)	Annual
Complete waste audits to identify improvement opportunities	Completed
Establish a process to gather waste data for developments	Completed
Reduce like-for-like waste generation by 5% for controlled assets	2025
Increase recycling rate by 50% for controlled assets	2025

Objective	Target Year
Procure 100% renewable electricity certified	Completed 2022 / Ongoing
10% reduction in like-for-like energy use for controlled assets	2025
100% actual data for all managed sites	Completed
Annual full GHG emissions assessment	Annual
Develop a Science-based Target (SBT) / net zero	Completed 2022 / Ongoing
Achieve a minimum Building Energy Rating – B EPC for all assets	2030
Develop asset-level roadmaps for reducing GHG emissions	Completed
25 EV charging points installed and facilitated	2025

Objective	Target Year
Maintain a gender balance across teams (long-term)	2025
Establish a fund to support training with professional bodies	Fund Established
Establish an annual volunteering day supporting local community	Annual
Partner and support local community groups and charities	Annual