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Romania's Globalworth Real Estate Investment has raised €550 million through a bond issue to further expand its presence in the central and eastern Europe market, with a focus on Poland.
French real estate investment trust Gecina has raised €1.5 billion through a bond issue, which will partially refinance a bridge loan it used to acquire local property investor Eurosic.
London-based housing association Hyde has financed itself through a £400 million bond, understood to be the largest long-dated bond to be issued from the sector.
The launch of a UK student housing-backed bond shows that capital markets distribution remains an option, but only in certain cases.
Hammerson has issued a £350m, 10-year bond priced at 173bps over the reference gilt with an annual coupon of 3.5%. The bond was two-times oversubscribed.
Kennedy Wilson Europe Real Estate (KWE) has closed its £300m debut senior unsecured bond with a 3.35% coupon.
The seven-year bond, rated BBB by Standard & Poor’s, has an annual fixed coupon of 3.95%. The coupon was effectively reduced to 3.35%, 10 bps lower than expected, as a result of KWE entering into swap arrangements to convert 50% of the proceeds into euros.
Kennedy Wilson Europe has launched a £300m senior unsecured bond in its first ever issue.
The seven-year bond, rated BBB by Standard & Poor’s, has an annual fixed coupon 3.95%. The coupon is expected to reduce to around 3.45% upon KWE entering into swap arrangements to convert a portion of the proceeds into euros.
French REIT Gecina has placed a €500m, nine-year bond carrying a coupon of 2%, 115bps over the mid-swap rate.
The latest issue was taken up by a large pan-European base, the company said. The funds will be used to refianance some of the corporate credit facilities related to last week's €1.24bn purchase of two landmark office assets in Paris from Ivanhoé Cambridge: PSA group’s historic headquarters in central Paris near L'Arc de Triomphe and the T1&B towers in La Défense.
Colonial has raised €1.25bn with a bond issue to to replace €1.04bn of syndicated bank debt.
The issue, the first by a Spanish property company, was two times oversubscribed.
Deutsche Wohnen, Germany's second-largest listed residential landlord, will be refinancing €1.5bn of bank debt
"We hope to finish the total £1.5bn refinancing by the end of July, but it depends on market conditions," said Deutsche Wohnen's head of investor relations Torsten Klingner. The company will use mixture of bonds, new bank loans and cash to refinance and repay loans that mature mainly in 2018 and 2019.