Unibail-Rodamco-Westfield (URW) has successfully placed a €1.3 bn dual-tranche green bond, saying it will use the proceeds to strengthen the group’s liquidity position and extend loans.
The issuance carries an average coupon of 3.688% and met with strong demand from investors, achieving an oversubscription of 4 times and an order book of more than €5.2 bn at its peak, URW said.
The two tranches comprise €650 mln with a 5-year maturity and a 3.500% fixed coupon, and €650 mln with a 10-year maturity and a 3.875% fixed coupon.
The bond will finance or refinance green assets in line with Unibail’s 2022 green financing framework. The notes are expected to settle and be admitted to trading on Euronext Paris on 11 September.
In late July, URW said it had closed or secured €300 mln worth of property deals since the start of 2024 as part of its debt reduction strategy, and was negotiating the sale of an additional €1 bn of assets.
