European Outlet Mall Venture (EOMV) has launched its debut £642m (€750m) green bond to provide long-term unsecured financing for a portfolio of outlet retail destinations across the Netherlands, Italy and Austria.
EOMV is backed by three major institutional investors and owns a €2.7bn (£2.31bn) portfolio of super-prime designer outlet centres in Italy, the Netherlands and Austria.
An EOMV spokesperson said: “This inaugural bond issuance and investment grade BBB+ fitch rating is an important milestone for EOMV and demonstrates the strength of our portfolio, business model and shareholder support.”
The EOMV portfolio is operated by the McArthurGlen Group, owner, developer and manager of designer outlet centres in Europe, operating 21 centres across eight countries.
ING acted as global coordinator, active bookrunner, sole ratings adviser and sole ESG structuring adviser on the transaction.
It also supported the deal by providing a £565m (€660m) bridge facility for the transition from secured financing to bond issuance, and acted as coordinator and mandated lead arranger on a £43m (€50m) revolving credit facility to support the company’s liquidity purposes.
Douwe van Duijvendijk, managing director, ING global capital markets, said: “Bringing a debut issuer from the Real Estate sector to the bond market and assisting the client in transitioning from a secured to an unsecured capital structure requires careful preparation and close collaboration across many ING departments. It also requires dedication from the client in making sure all workstreams are successfully completed.”
Please visit:
Our Sponsor