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Gecina's €500M bond issue nearly 2x oversubscribed

Gecina placed €500 million of 1.625% bonds due March 2030, noting that the issuance was almost 2x oversubscribed.

The French diversified real estate investment trust said the bond has a 63-basis-point credit spread.

Proceeds from the offering will be used to partially repay Eurosic's financing facilities that have shorter maturities and higher credit spreads. Gecina added that doing so will help extend the average maturity of debt and achieve the financial synergies announced from the merger between the companies.