UK REIT watch: Intu Properties proposes £485m bond issue

on Nov 6, 2013
Listen, Wednesday, November 6: British real estate investment trust (REIT) Intu Properties (LON:INTU) today announced the launch of a proposed £485 milllion bond issue to refinance existing debt facilities which are due to mature in February 2015.

The REIT, which has reported a solid third quarter, boosted by what it described as the “gradual recovery” of the UK retail environment (UK REIT Watch: Intu Properties fails to impress investors with Q3 update), revealed that the bond would be secured on the company’s shopping centre and retail park in Gateshead, Intu MetroCentre, the largest covered shopping and leisure centre in Europe.

Trade these shares now through Hargreaves Lansdown from £5.95 per deal.
Investment banks HSBC and Lloyds Bank will be acting as joint bookrunners on the proposed bond issue and Rothschild is providing independent debt advice to The MetroCentre Partnership. The bond is expected to be listed on the Irish Stock Exchange.
Intu’s stock has traded lower today, as the UK REIT failed to impress investors with its interim performance. After falling more than one percent in the last trading session, the Intu share price has extended declines today, having lost an additional 0.66 percent by 13:33 UTC.

**As of 13:36 UTC buy Intu shares at 332.70p.**
**As of 13:36 UTC sell Intu shares at 332.40p.**
**British Land eyes additional share listing**
On Monday, the British Land Company (LON:BLND), the UK’s second largest REIT, reported that it will be issuing more shares. Application has been made to the Financial Conduct Authority and the London Stock Exchange for a total of 3,930,286 ordinary shares of 25p each to be admitted to the Official List.

It is expected that admission will be granted on November 7, with dealings commencing the following day. The additional shares will be issued in connection with the company’s Scrip Dividend payable on that day.
The British Land share price was 1.1 percent lower at the close of trading yesterday.
**As of 13:36 UTC buy British Land shares at 606.00p.**

**As of 13:36 UTC sell British Land shares at 605.50p.**
**Green REIT deals top €178m**
!m[Ireland’s Green REIT unveils multi-million- euro property investment sweep ](/uploads/story/6610/thumbs/pic1_inline.jpg)
Green REIT (LON:GRN), the property investment company which floated on both the Irish and London stock exchanges in July (Ireland’s First REIT Raises €310m in Share Placing), has announced €178 million worth of acquisitions including the EBS headquarters, Independent Newspapers’ print works in Dublin and a sizeable portfolio from Danske Bank. Ireland’s first REIT made the deals public in its interim management statement last week.
According to the announcement, Green’s portfolio currently comprises 10 properties, eight of which are in Dublin. The assets generate a net rental income of €10.6 million from a base of 65 tenants, including Bank of Ireland, Homebase, Lidl, TK Maxx, and Woodies.
**As of Tuesday, 05.11, buy Green REIT shares at €1.21.**
**As of Tuesday, 05.11, sell Green REIT shares at €1.17.**
Trade these shares now through Hargreaves Lansdown from £5.95 per deal.
Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.


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