Shaftesbury’s Chinatown subsidiary has issued a £290m bond to refinance its bank facilities and increase its financial resources.
The 10-year bond has a coupon of 2.3% and is secured against properties held by Shaftesbury Chinatown, with an unsecured guarantee from Shaftesbury.
It will be used to refinance £75m of existing debt.
Chris Ward, finance director at Shaftesbury, said: “The appetite and pricing is an endorsement of the group’s long-term prospects. As well as raising significant financial resources, it has further diversified our sources of finance and increased our weighted average debt maturity.”
IDCM Limited and Lloyds Bank acted as joint lead managers.
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