Utmost hands Aberdeen a commercial real estate debt mandate for its BPA book
The first deal is already done - financing secured against a prime Grade A office in central London.
Utmost Life and Pensions has appointed Aberdeen Investments to source and manage commercial real estate debt for its bulk purchase annuity business, extending a relationship that has run for more than 25 years.
Aberdeen has already completed the first transaction under the mandate, providing financing secured against a prime Grade A office asset in central London.
The mandate covers origination as well as management. Under the Solvency UK matching adjustment, commercial real estate debt earns a place in a matching adjustment portfolio only where its cashflows are sufficiently fixed and its security satisfies the asset-liability tests, and sourcing paper that clears those tests is a specialist job. Utmost has bought the capability rather than built it.
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