Great Portland Estates has announced the pricing of its first sterling-denominated senior unsecured sustainable bond.
The £250m bond will have a term of seven years and will bear interest at a rate of close to 5.4%.
The bond was more than five and a half times oversubscribed at the peak.
GPE said the new bond further diversified its debt funding sources and had extended its weighted average debt maturity to over 5.5 years.
Chief financial and operations officer Nick Sanderson said: “The bond will help fund the development of our best-in-class schemes and form part of our pathway to becoming net zero by 2040.
“When combined with our recent successful rights issue to take advantage of our significant pipeline of acquisition opportunities, we are well positioned to accelerate our growth into increasingly favourable market conditions.”
NatWest, Santander, Lloyds and Bank of China were bookrunners on the bond. Lazard advised GPE on the deal.
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