Property developer Hammerson has successfully launched and priced a £400m bond with a maturity of 12 years.

The bond, paying a coupon of 5.875%, will be issued on 8 October subject to customary closing conditions.

Hammerson said that at its peak, the order book was in excess of £2.6bn.

The group will use the proceeds of the new bonds to refinance several of its outstanding bonds as well to support its growth strategy.

“We are delighted with the strong demand for our 12-year £400m bond which was seven times oversubscribed at the peak,” Hammerson CFO, Himanshu Raja, commented. “Investors recognise that this is an exciting new era for Hammerson, focused on accelerating growth whilst maintaining our operational grip and financial discipline.”

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