NepiRockcastle, the largest JSE-listed real-estate group and owner of shopping centres across the eight biggest economies in the Central and Eastern European region, has announced a €500m unsecured Eurobond offering, the largest in its history.
NepiRockcastle’s wholly owned subsidiary, NE Property Cooperatief, has closed a corporate bond book build and priced a €500m unsecured seven-year Eurobond, maturing on November 23 2024. It carries a 1.75% fixed coupon, with an issue price of 99.051%. At this level, the book was oversubscribed.
S&P and Fitch assigned the Bond a BBB rating, in line with the corporate rating. The bond has been placed with a broad range of institutional debt investors across Europe.
The net proceeds will be used for general corporate purposes including acquisitions and developments, as and when identified, according to NepiRockcastle.
NepiRockcastle’s share price is up 18% since the merger of New Europe Property Investments (Nepi) and Rockcastle Global Real Estate in July.
NepiRockcastle has a market capitalisation of about R120.6bn.
Prior to the merger Nepi had focused on Romanian property, with Rockcastle Global Real Estate concentrating on Polish property.