UK: edyn has secured a £195 million debt facility with Blackstone and KSL to fund five projects across Europe.
The facility will fund projects in The Hague (Cove – Centrum), London (Bermonds Locke, Buckle Street Studios, Cove – Landmark Pinnacle) and Cambridge (Turing Locke/Hyatt Centric), totalling 859 units.
Merzak Kaddour, investment director at edyn, said: “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 at 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.”
Hal Shaw, partner and head of European capital solutions at KSL, added: “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.”
JLL acted on behalf of edyn as debt advisor.
