Cohen & Steers has invested $300m (€259m) as part of a $690m balance sheet recapitalisation of Hudson Pacific Properties (HPP) to pay down debt and for general corporate use.
NYSE-listed HPP, which specialises in film studios and offices for media and tech companies, said last week that it intends to use the net proceeds to repay borrowings under its revolving credit facility, repay other indebtedness and/or for general corporate purposes.
Jason Yablon, EVP and head of listed real estate at Cohen & Steers, said: “We believe the West Coast office market recovery is underway and poised to gain momentum over the coming years. Hudson Pacific Properties stands to benefit from this trend, supported by a strong management team and high-quality portfolio.
“Recapitalising the balance sheet positions HPP to reduce debt, extend existing debt maturities and fund the immense occupancy upside this high-quality portfolio has to offer.”
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