Edyn, Brookfield’s European serviced apartment business, has secured over £100m (€116m) of additional loan from Blackstone and KSL Capital Partners.
Edyn said it has secured £105m in debt funding from Blackstone Mortgage Trust and KSL’s European Capital Solutions (ECS) platform.
The latest funding round expands on the £195m multi-asset debt facility agreed last year with Blackstone and KSL.
The multi-asset debt facility was originally established to support the acquisition and development of five new lifestyle aparthotels branded Locke and serviced apartment projects branded Cove across Europe.
The new facility will help Edyn expand its portfolio into Europe.
Edyn said the new funding will be used for upcoming Locke developments, with two sites opening in Zurich and Lisbon in the next 12 months
Merzak Kaddour, investment director at Edyn, said: “We are excited to grow our relationship with Blackstone and KSL ECS, who have been supportive partners as we focus on driving forward our ambitious strategy for Edyn and its brands.
“Both bring significant experience and sector expertise, along with deep knowledge of the European market. We look forward to building our partnership with them in the years to come.”
Steve Plavin, senior managing director at Blackstone Real Estate Debt Strategies, said: “We are delighted to finance Edyn in its brand extension across Europe. With KSL as a great lending partner, we look forward to seeing Edyn enter these key cities.”
Hal Shaw, partner and head of European Capital Solutions at KSL, said: “We are very pleased to serve as a long-term capital provider to Edyn as it continues to execute its growth strategy in Europe, and to partner once again with Blackstone to provide a financing solution for the acquisition and transformation of these two assets.”
To read the latest edition of the latest IPE Real Assets magazine click here
No comments yet