French REIT Klépierre has raised EUR 300 mln through three private placements in the bond market. The transactions were completed in May under the company's Euro Medium Term Notes (EMTN) programme and attracted strong interest among several investors in Europe, Klépierre said.
French REIT Klépierre has raised EUR 300 mln through three private placements in the bond market. The transactions were completed in May under the company's Euro Medium Term Notes (EMTN) programme and attracted strong interest among several investors in Europe, Klépierre said.
The company raised EUR 50 mln from a new 15-year bond; EUR 50 mln from a bond maturing in April 2020 and EUR 200 mln from a bond maturing in March 2021. This brings the total raised to date by Klépierre's EMTN programme to EUR 500 mln.
On average, the new notes offer a 10-year maturity (2020 to 2027) for a 3.85% yield. 'The 191 basis points average margin acknowledges the significant compression of Klépierre's secondary spreads since last January,' the REIT said.
The latest bond issues are part of the company’s active management of its financial resources both in terms of maturity schedule and diversification, while optimising costs.
Klépierre is one of the largest real estate companies in Europe with a portfolio valued at more than EUR 16 bn at end-December 2011. The bulk of the portfolio consists of 271 shopping centres in 13 countries in Continental Europe.
