French retail specialist Carmila has issued a €600 mln eight-year bond in the first such operation since the company's launch by a consortium led by retail giant Carrefour earlier this year.
French retail specialist Carmila has issued a €600 mln eight-year bond in the first such operation since the company's launch by a consortium led by retail giant Carrefour earlier this year.
Carmila, who is led by CEO Jacques Ehrmann, said the offer was three times oversuscribed, with the strongest demand coming from France, the UK and Germany.
The bond was placed with a coupon of 2.375%.
Natixis, BNP Paribas, HSBC, CACIB, Société Générale, CM-CIC Securities, ING and RBS acted as global coordinators.
Carmila, the new shopping centre landlord created by French retail giant Carrefour, will most likely go public in the future, CEO Jacques Ehrmann recently told PropertyEU.
‘We will remain private for the time being but once we will have proved that our business model works and is profitable, it is highly probably that the company will become public,' he said.
‘The next few years will be about growth,’ the 54-year old manager added. ‘We estimate that there are roughly €16 bn of shopping centres in these three European countries that we do not own, and around a quarter of them change hands every five years. Our plan is to acquire a share of 20 to 30% of these investment assets in the near future.’
