British Land first of two returning UK REITS
As the European Central Bank meeting suspended euro issuance on Thursday, British Land took the opportunity to grab UK investors’ attention with its first senior bond for 11 years. The £300m 12 year deal followed Tuesday’s £250m seven year transaction from Total, which had an order book of around £600m.
British Land issued convertibles in June 2015 and September 2015, but its last benchmark bond issuance was in August 2006, when it sold a £310m 22 year tranche alongside a £330m 29yr tranche.
Barclays, Lloyds and NatWest were mandated last week to arrange investor meetings in London
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