NEW YORK and LONDON, July 2, 2025 /PRNewswire/ -- Modal, a London-based investment and management firm specializing in Industrial Outdoor Storage ("IOS") assets, and Centerbridge Partners, L.P. ("Centerbridge"), a leading global private investment firm, today announced that Apollo-managed credit funds will provide senior financing to their U.K. IOS portfolio. The financing follows Modal's significant expansion over the past 12 months, establishing it as one of the largest managers in the sector, and will support Modal's next phase of growth.

The transaction marks the first dedicated financing of a U.K. portfolio of scale exclusively focused on industrial outdoor storage.

Nicholas Schiloff, Managing Partner at Modal, said, "We are thrilled to announce our lending partnership with Apollo. This represents one of the sector's largest financings to-date and allows us to continue executing on our growth strategy alongside Centerbridge."

"We are pleased with the progress we have made in scaling a high-quality IOS portfolio across the U.K. over the past year. This financing marks an important milestone for our joint venture with Modal, and we are excited to partner with an institutional lender that shares our conviction in the sector and will support the continued growth of the platform," said Nico Papamichael, Managing Director at Centerbridge.

Ben Eppley, Partner and Head of Real Estate Credit, Europe at Apollo, said: "With demand for IOS assets continuing to increase, we are pleased to partner with Centerbridge and Modal to help finance the future growth of this high-quality portfolio."

Centerbridge and Modal have been advised by Simpson Thacher & Bartlett LLP, Gowling WLG, Deloitte LLP, and Conduit RE. Apollo Funds have been advised by Linklaters LLP and Walker Morris LLP.

About Modal

Modal is a London-based investment manager, specializing in the acquisition and management of IOS assets across the U.K. and Europe. Founded in 2023 by alumni of Blackstone and M7, the company is exclusively focused on acquiring and optimizing outdoor storage facilities strategically located in close proximity to major transportation hubs and dense metropolitan areas. Modal aims to build one of the largest pure-play platforms in a sector that has seen increased tenant demand, alongside a significant reduction in overall stock due to conversion of sites for alternative uses. For more information, please visit www.ModalProperty.com.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines - Private Equity, Private Credit and Real Estate - in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of December 31, 2024, has approximately $41 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com and LinkedIn.

Contacts

Modal
Info@ModalProperty.com

Centerbridge Partners
IR@Centerbridge.com

Apollo Global Management, Inc.
Communications@Apollo.com

View original content:https://www.prnewswire.com/news-releases/modal-and-centerbridge-partners-announce-the-uks-largest-industrial-outdoor-storage-portfolio-financing-with-apollo-302496929.html

SOURCE Centerbridge Partners, L.P.