UK REIT British land has announced its first Sterling bond issue for £300 mln (€327 mln) at a coupon of 2.375% for 12 years.
The company said the issue is in line with its strategy to increase both diversity of funding and maturity.
'The debut issue increases the total debt raised over the last five years to £4.5 bn and enhances the diversity and maturity of British Land’s financing profile,' said Lucinda Bell, CFO of British Land.
Barclays Bank, Lloyds and NatWest acted as joint active lead managers. HSBC, Bank of Tokyo Mitsubishi and Santander were joint passive lead managers. Credit Agricole and Royal Bank of Canada were co-managers.
Earlier this week, French REIT Icade launched a €600 mln 10-year green bond at an annual coupon of 1.50%.
Icade, which is in the process of taking over smaller peer ANF Immobilier, said the funds were raised with an 80bps spread over the reference rate and with a negative new issue premium. This issue was almost three times oversubscribed.
