A UK industrial outdoor storage (IOS) partnership between assets manager Modal and investment firm Centerbridge Partners has secured financing for its portfolio from Apollo.
Modal said the financing from the Apollo-managed credit funds will support its next phase of growth. The unspecified financing amount marks the first dedicated funding for a large-scale UK portfolio focused exclusively on IOS, the manager added.
Ben Eppley, partner and head of real estate credit, Europe, at Apollo, said: “With demand for IOS assets continuing to increase, we are pleased to partner with Centerbridge and Modal to help finance the future growth of this high-quality portfolio.”
Nicholas Schiloff, managing partner at Modal, said: “We are thrilled to announce our lending partnership with Apollo. This represents one of the sector’s largest financings to-date and allows us to continue executing on our growth strategy alongside Centerbridge.”
Nico Papamichael, managing director at Centerbridge, said: “We are pleased with the progress we have made in scaling a high-quality IOS portfolio across the UK over the past year.
“This financing marks an important milestone for our joint venture with Modal, and we are excited to partner with an institutional lender that shares our conviction in the sector and will support the continued growth of the platform.”
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