Unibail-Rodamco-Westfield announces the successful refinancing of Westfield Stratford City

Company News

by Rachael Jones

Unibail-Rodamco-Westfield (ASX:URW) has just announced the successful refinancing of the Westfield in Stratford City in London.

Westfield Stratford City Finance No.2 this week successfully priced a single tranche of £750 million secured fixed rate bond, with a 7-year maturity and a 1.642 per cent coupon, to refinance the existing CMBS issued in 2014 and maturing in 2019, with a 2.6925 per cent fixed coupon.

The coupon of the new bond is the lowest ever for a GBP benchmark issuance in the real estate sector.

Strong demand resulted in a total order book in excess of £2.3 billion.

Unibail-Rodamco-Westfield has a 50 per cent stake in the Westfield Stratford City joint venture.

Shares in Unibail-Rodamco-Westfield (ASX:URW) closed 0.49 per cent lower at $10.10 yesterday.