US industrial outdoor storage real estate fund manager Alterra IOS has secured a $150m (€129m) loan commitment from Blue Owl Capital.
Alterra said the loan facility from funds managed by Blue Owl is secured by 21 properties in 12 US states. Subsequent fundings of the loan commitment will support acquisitions for the Alterra IOS Venture III fund.
Scott Whittle, CFO and chief compliance officer at Alterra IOS, said: “As institutional recognition of the industrial outdoor storage sector accelerates, transactions like this highlight the confidence lenders have in the long-term performance of the asset class.
“We’re excited to complete our first financing with Blue Owl, whose thoughtful and collaborative approach complements the strength of our platform as we continue scaling nationwide.”
Jesse Hom, CIO for Blue Owl’s real assets platform, said: “Our investment in Alterra reflects Blue Owl’s focus on working with market-leading operators in high-growth, resilient sectors. We see strong, sustained demand for IOS assets and believe Alterra is well positioned to lead in this evolving space.”
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