Alterra IOS, a player in the industrial outdoor storage (IOS) sector that has acquired over 400 sites nationwide, closed a $100 million fund-level revolving credit facility from BMO. The facility is structured to complement the pace of Alterra’s acquisition pipeline and demonstrates BMO’s ability to provide flexible financing that supports the continued growth of the IOS sector.
“As the institutionalization of the industrial outdoor storage sector continues to scale, it requires financing solutions that can move as quickly as the assets themselves, and this facility does exactly that,” Scott Whittle, chief financial officer at Alterra IOS, said. “We value BMO’s ongoing partnership and willingness to design a tailored structure that supports our acquisition strategy and the continued expansion of our national footprint.”
Kim Liautaud, head, real estate and infrastructure at BMO Commercial Bank, said, “Our most recent investment with Alterra is a continuation of our strong existing relationship and was designed to fit the specific needs of their fast-growing platform. We’re proud to back Alterra’s next stage of growth with a financing approach that fits the evolution of this asset class.”
At closing, the facility will be initially backed by 27 IOS properties across 17 states, with asset allocations subject to change over time. This flexible structure streamlines capital deployment and equips Alterra with resources to support its high-volume acquisition pipeline and expanding portfolio of IOS assets.
