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.