UK REIT Land Securities' wholly-owned subsidiary, Land Securities Capital Markets, has launched and priced a £300 mln (€350 mln) bond with a maturity of 7.5 years, paying a coupon of 4.75% and representing a spread of 103 basis points over the reference gilt rate.
In a statement, Land Securities said that the transaction 'further strengthens its financial capacity, flexibility and maturity profile', following the maturity of two bonds in February 2024, totalling £417 mln.
Vanessa Simms, Chief Financial Officer at Landsec said: 'This transaction extends our weighted average debt maturity to 9.4 years and underpins our future growth opportunities. The high-quality order book, which was multiple times over-subscribed, and competitive pricing highlight the continued strong investor demand for Landsec credit.'
