UBM Development AG closed the issuance of a €100 million hybrid bond bearing a coupon of 5.50% and an early redemption option for the issuer after five years.

The perpetual bond was offered exclusively to institutional investors in denominations of €100,000. Investors from Germany, Luxembourg and France participated in the issue, apart from Austrian investors, the company said in a release.

UBM Development will use the proceeds to fund future projects and investments, strengthen its balance sheet structure, or to potentially refinance its current financing.

The hybrid bond will be admitted to trading on the Vienna Stock Exchange and listed on the official market.