Corio raises EUR 85m from bond issue

European retail specialist Corio has placed EUR 85 mln in bonds with two institutional investors. The proceeds will be used for general corporate purposes.

Amsterdam-listed Corio carried out the bond issue under the Euro Medium Term Note (EMTN) programme with a 3.516% coupon and a 100% issue price.

The bonds will be listed on Euronext Amsterdam and mature in 2022. Corio has been assigned a BBB+ rating by Standard & Poors and a Baa1 by Moody's. ING acted as lead manager on the issue.

The bond issue follows the placement by Corio of EUR 150 mln in bonds with two institutional investors at end-November.

The market has seen a spate of corporate bond issues in recent months as European real estate companies turn to the instrument as an alternative means of financing alongside bank debt and selling shares. UK-listed REIT Hammerson and French REITs Société Foncière Lyonnaise and Klépierre had all carried out bond issues in recent months.

Click on the link below to read: 'Bond issuances gain momentum in core Europe'