VastNed Retail succesfully places a long-term unsecured € 75 million bond
Pan-European retail property fund VastNed Retail has successfully placed a € 75 million unsecured bond with a single major US institutional. This is the first transaction of VastNed Retail in the US private placement market. With this issue VastNed Retail reduces its dependency on the regular bank debt market and increases the maturity of its debt portfolio. The notes of the bond were issued in two equal tranches of € 37.5 million, with maturities of 7 and 10 years. The coupons were priced at a fixed rate of 4.79% and 5.46% respectively.
VastNed Retail invests in individual retail properties, shopping centres and retail warehouses located in good and top locations in its core countries: the Netherlands, Spain, France and Belgium as well as the growth market Turkey. The value of the investment properties was € 1,900.3 million as at June 30, 2010.