Romanian developer Forty Management plans to raise up to €5 million from a bond sale in a bid to finance its international projects.
The guaranteed bonds have a 4-year maturity with a coupon payable semi-annually. The placement is coordinated by Goldring broker.
”Since this is our first bond issue, we have chosen a cautious approach, with a relatively small amount, but if it is be well received by the market, we will supplement future issues as our projects evolve,” said Florin Suicescu, COO of Forty Management.
The move into the bond market comes on the backdrop of the company’s investments in Bucharest, Seville and Budapest under the Lagoon City concept.
Forty Management's portfolio currently includes eight mixed-use Lagoon City and 11 Public Access Lagoon projects to be developed in six other countries, alongside three luxury hotels with 702 rooms.
