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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.