Inmobiliaria Colonial SA raised €800 million via bond issue ahead of its takeover of rival real estate investment trust Axiare Patrimonio SOCIMI SA, IPE Real Assets reported.
According to the report, the Spanish REIT issued €500 million of senior unsecured notes with an eight-year maturity, and €300 million of senior notes with a 12-year maturity.
The company plans to use the net proceeds from the issuance for general business purposes, including the funding of new investments and the planned acquisition of Axiare Patrimonio.
Colonial said demand surpassed the volume of the bond issue by "almost three times," according to the publication.
