Blackstone Private Real Estate Credit closes $250M repo facility, expandable to $500M

Blackstone Private Real Estate Credit & Income Fund

Facility with CIBC as administrative agent; initial aggregate cap $250M, up to $500M at agent's discretion.
Two-year initial availability period; extensions possible for one-year terms at agent's discretion.
Advances bear interest at term SOFR (USD) or term CORRA (CAD) plus a negotiated margin.
Company guarantees subsidiary obligations; minimum NAV covenant set at $25M plus 25% of share purchases after June 30, 2025.
Proceeds will finance acquisition or origination of eligible assets.

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