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Industrial Outdoor Ventures Lands $65M Credit Facility
Connect Industrial is coming up on July 11 in Chicago. Here’s a link for more information about the conference and to register.
Schaumburg, IL-based Industrial Outdoor Ventures has entered into a $65-million secured revolving credit agreement with a syndicate of banks led by CIBC. The credit facility allows IOV to expand its existing holdings to $100 million-plus in assets, a milestone which the company expects to achieve over the next six months.
“This is a milestone for our organization,” said CFO Joe Voet. “Not only does the agreement validate the Industrial Service Facility product type, but it also strengthens our platform by providing the leverage to continue our company’s evolution.” ISFs are mission-critical facilities used primarily by the transportation, construction and utility industries to store equipment and/or bulk material.
IOV launched in January 2017 as reportedly the first national real estate investor focused exclusively on outdoor storage facilities. Its five-year plan is to amass more than $500 million in ISF properties in major markets throughout the U.S.
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