Blackstone has closed the £2.6 bn (€3 bn) refinancing of one of the major credit facilities of its IQ Student Accommodation platform.
The facility is being originated by a combination of existing and incoming lenders. Led by Citi and Bank of China, the lenders include 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.
The loan goes to refinance an existing facility reaching maturity in May 2025.
A Blackstone spokesperson said: 'This successful refinancing, with tremendous support from both new and existing lenders, is a reflection of iQ’s strongoperational and financial performance, its outstanding management team, as well as its high-quality asset base.'
iQ is one of the largest providers of private purpose-built student accommodation (PBSA) in the UK. Blackstone acquired iQ in May 2020 for £4.7 bn, which at the time was the largest ever private real estate transaction in the UK.
iQ has 85 operational properties comprising 35,000 beds and an additional 3,000 beds under development. Approximately 90% of iQ’s assets by value are located in Russell Group towns and cities where student demand is highest, with over 50% of value in London.
In 2023, iQ announced a series of student housing acquisitions including Vega (London) / The Mont (Edinburgh); Longwood Close (Warwick); Signal Place (Nottingham); and Havannah House (Glasgow).
Blackstone has completed several other major refinancings in recent months including a €7.5 bn debt restructuring for its logistics platform, Mileway earlier this year.