QuadReal Announces Closing of $400 Million Senior Note Offering
VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) — QuadReal Property Group (“QuadReal”) is pleased to announce today the successful closing of $400 million of 1.073% Series 3 Senior Notes maturing February 4, 2026 (the “Senior Notes”) issued by BCI QuadReal Realty (“BQR”). BQR serves as the primary issuing entity of unsecured notes for British Columbia Investment Management Corporation’s (“BCI”) real estate program. BCI is a Canadian leader in investment fund management that provides services to British Columbia’s public sector.
The Senior Notes were offered on a private placement basis to accredited investors in Canada. The offering was made on an agency basis by a syndicate of agents co-led by RBC Dominion Securities Inc., TD Securities Inc., Scotiabank and CIBC and included HSBC, BMO Capital Markets and National Bank. The Senior Notes are rated AA (low) with a stable trend by DBRS Limited.Tamara Lawson, QuadReal’s Chief Financial Officer, said, “Our strategy ensures that we have access to multiple funding sources and liquidity to allow us to continue to pursue our areas of investment conviction. The current market environment has provided us with cost-efficient five-year funding and also smooths out our maturity schedule. We will use the proceeds to repay short-term borrowings and be well positioned to meet future investment opportunities.”About QuadReal Property Group and BCI QuadReal RealtyHeadquartered in Vancouver, Canada, QuadReal is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of BCI, one of Canada’s largest asset managers with a $171.3 billion portfolio as of March 31, 2020.QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.BCI QuadReal Realty is an actively managed pooled investment portfolio of real estate and real estate-related investments. All the assets of BQR are held in trust by BCI and managed by QuadReal Property Group. BQR’s holdings span property types, geographic locations, investment sizes and risk profiles. BQR’s investment strategy is to be well-diversified and to hold quality properties and investments that will perform well across multiple economic cycles. BQR was formerly known as Realpool Investment Fund.www.quadreal.comMedia ContactSarah Norman