URW places oversubscribed €750m green bond

Unibail-Rodamco-Westfield has successfully placed a €750m (£643m) green bond. The bond, which has a seven-year maturity and a 4.125% fixed coupon, received strong demand from investors, achieving an oversubscription of 6.1 times and an order book of more than €4.5bn at its peak. The proceeds from the bond will be used to raise URW’s cash position to €5.8bn, while extending its average debt maturity. It will be used to finance or refinance eligible green assets in line with the group’s 2022 Green Financing Framework. The issue was URW’s first green euro bond since 2015. The notes are expected to settle and be admitted to trading on Euronext Paris on 11 December. The raise aligns with URW’s sustainability strategy and its Better Places roadmap, which it published in October. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image by Shutterstock