It will be paying a coupon of 4.75% and representing a spread of 103bps over the reference gilt rate, subject to final legal documentation.
The transaction further strengthens Landsec’s financial capacity, flexibility and maturity profile, following the maturity of two bonds in February 2024, totalling £417m.
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Vanessa Simms, CFO at Landsec said: “This transaction further enhances Landsec’s strong financial position, extending our weighted average debt maturity to 9.4 years and underpinning our future growth opportunities.
“The high-quality order book, which was multiple times over-subscribed, and competitive pricing highlight the continued strong investor demand for Landsec credit.”
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