The real estate lending arm of Canadian institutional investor Caisse de d茅p么t et placement du Qu茅bec (CDPQ) has made its first debt investment in the UK by participating in a 拢525m (鈧�607m) financing for Blackstone-owned property developer St Modwen.
Otera Capital has taken part in a five-year investment debt facility alongside RBC Capital Markets for St Modwen鈥檚 development pipeline and subsequent stabilisation of its logistics properties in major hubs across the UK. Once completed, the portfolio will offer 5m sqft of logistics space, consisting of small, mid, and big box units.
Rana Ghorayeb, president and CEO at Otera Capital, said: 鈥淲e are thrilled to have completed our first debt transaction in the UK, a strategic market which provides portfolio diversification.
鈥淭his transaction aligns well with our strategy of supporting our long-standing best-in-class relationships, such as Blackstone and RBC, as well as establishing a new relationship with St Modwen on high conviction assets with a strong ESG focus in our targeted countries of Canada, the US and the UK.
Axel Brinkmann, European head of real estate capital partners and real estate corporate banking for RBC, said: 鈥淲e are very pleased to continue to support our longstanding client Blackstone and the St Modwen team on their journey to realise the potential of the St Modwen鈥檚 logistics business by delivering best-in-class, ESG-focused logistics space in a tightly supplied market.
鈥淭he hybrid and bespoke nature of the facilities reflects RBC鈥檚 ability to structure and execute innovative and market-leading debt solutions which support our clients鈥� strategic aims. We are also delighted to partner with Otera, with whom we have a strong lending relationship in North America, on their first lending transaction in the UK market.鈥�
Gadi Jay, senior managing director at Blackstone鈥檚 real estate capital markets arm, said: 鈥淲e are delighted to continue expanding our deep and longstanding relationship with RBC and are grateful for their ongoing support and partenership with our business.
鈥淲e are also pleased and grateful to have worked with Otera on their first European financing and look forward to doing more together in the future.鈥�
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