Intermediate Capital Group (ICG) will issue a 6.5%, eight-year bond on 19 September.
The sterling-denominated bond will mature on 19 December 2020, and the offer period opens at 5pm today, according to an announcement on the London Stock Exchange.
ICG joins a growing number of London-listed real estate investors that are issuing bonds. European secondary office specialist CLS Holdings announced yesterday that it was closing the offer period for its £50m retail bonds early after high demand from investors, and Harry Hyman’s healthcare REIT, Primary Healthcare Properties, raised £75m from a sale of seven-year bonds in July.
ICG is currently rated BBB- by Fitch Ratings and Standard and Poor’s. Canaccord Genuity has been appointed lead arranger.
Europe-focused ICG specialises in mezzanine debt, leveraged credit and minority equity, and has assets worth €11.4bn (£9bn) under management. The company made a profit of £14.4m for the quarter ending 31 March 2012.
sophia.furber@estatesgazette.com
