CLS Holdings has confirmed it has raised £65m from the issue of its 5.5% retail bond offer – 30% more than its target.
The secondary office specialist had set out to raise £50m from private investors but, following strong demand, it exceeded its target and closed the offer at 10am this morning – several days early .
The firm, which has a £942m portfolio in London, France, Germany and Sweden, said the estimated net proceeds of the offer were £64.4m.
CLS executive chairman Sten Mortstedt said: “CLS’s bond issue has proved very successful and we are delighted that a large number of investors have shown great confidence in our company.
“Due to exceptional demand, we were obliged to close subscriptions four days prior to schedule, as subscriptions already exceeded the initial target by almost 40%.
“This also led us to increase the size of the issue to £65m from the initial objective of £50m.”
The seven-year bond will pay a fixed rate of 5.5% interest.
bridget.o’connell@estatesgazette.com
