Brussels-listed real estate company Cofinimmo has announced the private placement of a EUR 50 mln non-convertible bond.

Brussels-listed real estate company Cofinimmo has announced the private placement of a EUR 50 mln non-convertible bond.

Cofinimmo said the net proceeds will allow it to cover its total refinancing needs beyond 2011 and to further diversify its financial resources. The three-year bond has a coupon of 2.936%, a premium of 1.45% over the interbank rate. The bond was placed by Bank Degroof with a limited number of investors.

At end-August, the company announced it had disposed of 717,500 of its own shares in the market during August at an average price of EUR 92.56 per share. The raised funds will be used as part of a broader plan to fund the group's committed capital expenditures and strengthen its consolidated balance sheet.