Belgian real estate developer Immobel has raised 鈧�100 mln from a private placement of bonds due 2022.
'Thanks to this transaction, Immobel confirms its financial strategy and its commitment to pursue the development of its real estate portfolio in Belgium as well as abroad in residential development, office development and its landbanking activity,' commented CEO Alexander Hodac (pictured).
According to Immobel, the bonds have been placed with institutional and private investors, situated mainly in Belgium, France and Luxembourg, after a book building process conducted by BNP Paribas Fortis and Degroof Petercam as joint lead managers and joint bookrunners.
The bonds will be redeemed at 100% of their principal amount and will bear a coupon of 3% gross, payable annually in arrears, according to Immobel. The bonds will be listed on Alternext Brussels.
'The issue will allow the company to continue to develop a model oriented towards growth and optimisation of its assets to the benefit of all its shareholders. It will also allow it to diversify its sources of finance, to extend the maturity of its debt and to decrease its average cost of debt,' concluded Val茅ry Autin, Immobel's CFO.
Immobel was advised by Linklaters and the joint lead managers by NautaDutilh.
