British Land launches bonds
British Land has launched a £350m offering of senior, unsecured, convertible bonds due 2020.
The five-year bonds will carry a zero coupon and convert at 1103.32p to ordinary shares.
The conversion price is a premium of 27.5% on the company’s average share trading price between the bonds’ launch and pricing.
LondonMetric posts NAV rise
LondonMetric has posted an NAV per share increase of 16% to 140.6p and a 27% increase in its profits to £159.5m.
Its portfolio is now valued at £1.4bn, an increase of 14.8% over the year to 31 March.
During the period it bought 20 assets totaling £308.9m at an average yield of 6.2% and sold £288.7m at an average yield of 5.2%.
Workspace’s £1.4bn portfolio
Workspace’s NAV per share hit £7.03 per share, a rise of 42% over the course of the year.
The company’s pretax profit rose by 43% to £360m with total net rental income up by 15% to £57.7m.
Workspace’s property portfolio rose in value by £328m to reach £1.4bn.
Sirius plans share placing
Sirius Real Estate plans to raise €50m (£36.7m) via a share placing to fund the acquisition of five business parks in Germany.
It has agreed to buy the portfolio for €58.2m, which will be funded through the placing and an €18m bank facility it is in the process of negotiating.
Sirius also plans to repay two Macquarie loans totalling €56m.
Cairn Homes to go public
Cairn Homes plans a flotation on the London Stock Exchange, with shares priced at €1 (74p).
Dealing will commence at 8am on 10 June.
The company’s founders are also to invest around €29m in equity and cash in the company.
Cairn Homes’ focus is on delivering homes in Irish cities, including Dublin, Galway and Cork.
