A European serviced apartment business owned by Brookfield Asset Management has agreed a £195m (€164m) debt facility with Blackstone’s global real estate debt fund and KSL Capital Partners.
Edyn said it made new acquisitions supported by the multi-asset debt facility with Blackstone Real Estate Debt Strategies in partnership with KSL Capital Partners.
The new debt facility will help Edyn expand its portfolio into Europe, which includes lifestyle aparthotel brand Locke, and the newly launched serviced apartment brand, Cove.
The facility contributes to the funding arrangements on five projects comprising 859 units across The Hague, London and Cambridge, Edyn said.
Merzak Kaddour, investment director at Edyn, said: “We are pleased to partner with Blackstone and KSL whose experience, sector knowledge and capability to transact across multiple jurisdictions made them the ideal funding partner for this transaction.
“The pandemic reaffirmed that Edyn’s products and strategy are meeting the growing demand for high-quality aparthotels and extended stay facilities. We are excited to push forward with our European growth and look forward to a prolonged working relationship with two of the most highly respected and well-established players in the sector.”
Steve Plavin, senior managing director, Blackstone Real Estate Debt Strategies, said: “We are delighted to support Edyn as they continue to successfully expand across Europe. Providing financing to Edyn, a top sponsor in the extended stay and hospitality sector, with a great lending partner in KSL, is a fantastic business for our debt platform.”
KSL is investing through its European Capital Solutions (ECS) platform. Hal Shaw, partner and head of European capital solutions at KSL Capital Partners, said: “KSL ECS is pleased to partner with Edyn and Blackstone to help facilitate the next phase of Edyn’s expansion as the company continues to build upon its track record of leadership and innovation within extended-stay hospitality.”
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