Proactive Investors - Sirius Real Estate Limited (LON:SRET) has issued €59.9 million in new notes to fund its pipeline of potential acquisitions in Germany and the UK, as well as to support general corporate purposes.
These new notes will be consolidated and form a single series with €300 million 1.75% bonds, which are due in November 2028 and were originally issued in November 2021.
Priced in line with current market levels, the new notes represent a 19.9% increase from the original bonds. The issuance was supported by a single existing international institutional investor, reflecting strong demand for Sirius' previous bond offerings in June and November 2021.
After issuing these new notes, Sirius Real Estate will remain within its target of 40% or below.
"This tap Issuance follows our successful €165 million (£147 million) equity raise last November and further demonstrates the continued appeal of our strategy, platform and portfolio to both credit and equity investors," said Sirius CFO Chris Bowman.
"The Issuance followed an approach from an existing large institutional investor wishing to support our long-term strategy. The proceeds will help us to continue executing our value-add growth plan whilst remaining within our net LTV guidance of 40% or below, as we take advantage of the strong demand for our real estate product."