Property group NEPI Rockcastle has priced a green €500 million unsecured long 7-year Eurobond maturing in January 2032 through its subsidiary NE Property.
The bond will carry a fixed coupon of 4.25%, with an issue price of 99.124%. The Bond is expected to be rated BBB by S&P and BBB+ by Fitch in line with the €4 billion EMTN Programme rating and the corporate rating.
The bond offering was oversubscribed six times due to high demand from international investors.
The issue achieved broad institutional distribution, selling to asset managers (87%), other types of institutional investors and banks (13%), with demand coming from a multitude of geographies such as UK (59%), DACH region (10%), France (9%) and Benelux (7%). Application has been made for listing the Bond with Euronext Dublin. The Joint Lead Managers of the bond sale were Deutsche Bank, Raiffeisen Bank International, SMBC, Societe Generale and UniCredit.
“Such market demand demonstrates both a consistent support for our environmental and growth commitment, as well as good understanding and appreciation of NEPI Rockcastle’s achievements and results. It is our commitment to leverage on this bond issuance towards growing our portfolio in a sustainable way, alongside clear and ambitious climate impact mitigation objectives,” says Eliza Predoiu, CFO of NEPI Rockcastle.
The proceeds from the bond sale will finance existing and new investments into sustainable projects.
