German listed property firm Alstria Office REIT has announced the issue of an unsecured, fixed-rate bond with a total nominal amount of €500 mln.
German listed property firm Alstria Office REIT has announced the issue of an unsecured, fixed-rate bond with a total nominal amount of €500 mln.
Alstria said it will announce the terms of the five-year bond including interest rate and the issue price following the conclusion of the bookbuilding.
JP Morgan, Société Générale CIB, UBS Investment Bank and UniCredit Bank are acting as joint bookrunners on the transaction.
The German investor recently closed its voluntary public takeover offer for DO Deutsche Office in a deal that values its target at €800 mln. Alstria has received a 90.6% acceptance ratio from Deutsche Office shareholders for its share bid of 0.38 of a new bearer share for each Deutsche Office share.
The takeover will result in the creation of Germany's largest listed office real estate company. The combined portfolio, comprising 125 office buildings with 1.7 million m2 of lettable space, will be valued at €3.5 bn. The combined net loan-to-value will amount to roughly 50%, which Alstria said it would seek to bring down to 40% in the mid-term.