Ireland Strategic Investment Fund Gets a Stake in StayCity
Posted on 11/18/2020
The Ireland Strategic Investment Fund (ISIF) has acquired a 13% equity stake in Staycity, the serviced apartments provider. ISIF will also provide debt to Staycity as the company seeks to expand in Europe. Combined debt and equity, ISIF is making a €30 million investment
Current Staycity shareholders, including the former Green Reit chairman, Stephen Vernon, are committing €7 million in new equity. Staycity also agreed a €33 million debt deal with OakNorth, a U.K. challenger bank.
In January 2020, StayCity signed a €22.5 million loan facility with Dunport Capital.
Staycity operates 21 aparthotels and 2,700 apartments across 12 cities.