Unibail-Rodamco-Westfield (“URW”) announces the successful refinancing of Westfield Stratford City
Westfield Stratford City Finance No.2 PLC this week successfully priced a single tranche £750 Mn secured fixed rate bond, with a 7-year maturity and a 1.642% coupon, to refinance the existing CMBS issued in 2014 and maturing in 2019, with a 2.6925% fixed coupon (including swaps in place).
The coupon of the new bond is the lowest ever for a GBP benchmark issuance in the real estate sector.
Strong demand resulted in a total order book in excess of £2.3 Bn.
S&P and Fitch have assigned preliminary ratings to the bond of AAA (sf) and AAAsf, respectively.
URW has a 50% stake in the Westfield Stratford City joint venture. The asset is managed by URW.
Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations, with a portfolio valued at €65.2 Bn as at December 31, 2018, of which 87% in retail, 6% in offices, 5% in convention & exhibition venues and 2% in services. Currently, the Group owns and operates 92 shopping centres, including 55 flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on 2 continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events, and offers an exceptional and constantly renewed experience for customers.
With the support of its 3,700 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects. The Group has a development pipeline of €11.9 Bn.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an A rating from Standard & Poor’s and from an A2 rating from Moody’s.