P3 Group has announced the successful pricing of a 7.6-year €500 mln green bond.
With this issuance, P3 will have signed over €6 bn in new debt since the implementation of its new funding strategy in December 2021.
The bond, issued under P3 Group's Euro medium term note (EMTN) programme, is expected to be listed on the official list of the Luxembourg Stock Exchange and traded on the Euro MTF Market, offering a fixed yield of 4.103% p.a. and a cash coupon of 4.0% p.a..
The bond is expected to carry a credit rating of BBB by S&P, in line with P3's corporate rating. The bond issuance is expected to be settled on 19 September.
Thilo Kusch, CFO of P3, stated: 'This transaction further solidifies P3’s standing as a stable and repeat issuer in the real estate bond market. We took advantage of a strong bond market following the release of our H1 results to access the capital markets and price this Green Bond swiftly.
'With a robust order book peaking at over €3.2 bn, we achieved very attractive pricing with a credit spread versus mid swaps of 175 bps. The issuance of this bond will play a key role in supporting our continued growth as we expand our logistics real estate portfolio, currently valued at over €9.4 bn across 11 countries.'
