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Blackstone has successfully completed the refinancing of a major credit facility for iQ Student Accommodation.
This refinancing, valued at £2.6bn, involves both existing and new lenders, led by Citi and Bank of China, with other participants including Bank of America, Morgan Stanley, Royal Bank of Canada, Standard Chartered, Sumitomo Mitsui Banking Corporation, United Overseas Bank, BNP Paribas, Deutsche Bank, and Crédit Agricole.
Blackstone acquired iQ in May 2020 for £4.7bn, marking the largest private real estate transaction in UK history at that time.
Since then, iQ has expanded its asset base to be one of the largest private providers of PBSA in the UK, with 85 operational properties with 35,000 beds, and an additional 3,000 beds are currently under development. iQ’s portfolio primarily targets high-demand locations, with
link source - The Business Desk