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[SINGAPORE] IReit Global’s trustee has launched and priced S$85 million of green, senior, and unsecured notes at 6 per cent per annum, with the proceeds to fund the capital expenditure for the repositioning of its Berlin Campus to a multi-let and mixed-use property.
The manager of the real estate investment trust (Reit) with assets focused in Europe announced in a regulatory filing on Tuesday (May 13) that the bond – which are expected to be issued on May 22 and will mature on May 22, 2028 – will make coupon payments semi-annually in arrears.
The Berlin asset is to attain a minimum Leadership in Energy Environmental Design Gold certification after upgrading, and would meet the criteria for an eligible green project under IReit’s green financing framework.
Co-sponsor and a controlling unitholder of IReit, Tikehau Capital, will be subscribing for about 13.8 per cent of the notes, which are expected to be listed for trading on the Singapore Exchange on May 23.
CIMB Bank’s Singapore Branch and DBS have been appointed as joint bookrunners to arrange the offering of the notes under the US$1 billion multicurrency debt issuance programme, with DBS being the notes’ global coordinator as well.
Units of IReit closed 2.1 per cent or S$0.005 higher at S$0.24 on Tuesday, before the announcement.
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