LondonMetric Property PLC privately placed £150 million of senior notes, with a blended fixed-rate coupon of 3.5% and a weighted average maturity of 12 years.
The notes were placed with five institutional investors in four tranches: £50 million notes due 2029, £50 million notes due 2030, £10 million notes due 2031 and £40 million notes due 2034.
Proceeds are expected to be drawn in March 2019. The funds will be used to pay down part of the real estate investment trust's existing unsecured credit facility, which will remain available to be fully drawn, according to a release.
Barclays served as the sole placement agent.