QuadReal announces closing of $350 million senior note offering
QuadReal Property Group (“QuadReal”) is pleased to announce the successful closing of $350 million of 1.68% Series 1 Senior Notes maturing March 3, 2025 (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., BMO Capital Markets, and TD Securities Inc. and included CIBC, Scotiabank, HSBC and National Bank. The offering closed June 2, 2020. The Senior Notes are rated AA (low) with a stable trend by DBRS Limited.
Tamara Lawson, QuadReal’s Chief Financial Officer, said, “Given our strong credit metrics and attractive portfolio, accessing the market now allows us to capitalize on the lower interest rate environment and positions us to execute on compelling opportunities.”
“We value the support we have received from a broad base of institutional investors. The companies include those with whom we have long-standing relationships and new relationships too,” added QuadReal’s John Lee, Senior Vice President, Treasury and Capital Markets.
About QuadReal Property Group and BCI QuadReal Realty
Headquartered 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 $153.4 billion portfolio as of March 31, 2019.
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.