European listed property giant Unibail-Rodamco has successfully raised €700 mln in a new bond issue.
European listed property giant Unibail-Rodamco has successfully raised €700 mln in a new bond issue.
The bond has a 10-year term and will offer a fixed coupon of 2.5%. The proceeds of the bond issue will be used to strengthen the company’s liquidity.
Unibail-Rodamco said the order book for the issue reached more than €1.1 bn, and the over-subscribed placement confirmed the confidence of investors in its credit profile.
The placement comes some four months after Unibail-Rodamco placed a €750 mln, eight-year bond.
The property giant has tapped the bond markets with similar sized issues several times in 2012 and 2011 to access cheap debt.
Unibail-Rodamco saw both gross rental income and turnover rise during the first quarter of 2013. Total turnover for the period increased 1.6% to €430 mln.
In its first-quarter statement, Unibail-Rodamco reiterated its forecast of achieving earnings per share growth of at least 5% across 2013 as a whole.
