Blackstone closes £2.6bn refinancing of IQ Student Accommodation platform

Blackstone has closed the £2.6bn refinancing of one of the major credit facilities of its IQ Student Accommodation platform. The facility was originated by a combination of existing and new lenders led by Citi and Bank of China. Other 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. Blackstone acquired IQ in May 2020 for £4.7bn from Goldman Sachs and Wellcome, 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. Since the acquisition, Blackstone has invested £280m in IQ’s accretive and development capex. The refinancing is part of the normal course of business ahead of the current 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 strong operational and financial performance, its outstanding management team, as well as its high-quality asset base.”