The loan is set to be repayable in full maturity in May 2029, and has been secured on properties held in a subsidiary company. The deal will have a fixed interest rate throughout the term.
Shaftesbury will cancel its £100m revolving credit facility with the Bank of Scotland (BoS), which was set to expire in September 2016.
A portion of the proceeds of the CLI loan will be used to repay the drawings under the BoS facility and meeting the cost of ending the £100m of interest rate swaps agreed with BoS.
The cost of ending the swap arrangements is expected to reach £29m. The company will also see its revolving credit facility with Lloyds rise by £25m to £150m. Shaftesbury announced that a £30m short-term credit facility entered into with Lloyds in February 2014 has now been cancelled.
"We are delighted to have entered into this long-term relationship with Canada Life Investments, a new lender to the Group, as well as completing the restructuring of our arrangements with Lloyds Banking Group," said Shaftesbury finance director, Christopher Ward.