Intu launches £350m convertible bond

Intu, which is listed in London and on the JSE, said the proceeds of the offering would be used to complete the committed pipeline of developments of £212m over the next two years, among other projects.

The bonds, which will mature in November 2022, are expected to carry a coupon of between 2.375% and 2.875% per annum payable semi-annually in arrears.

The UK shopping centre owner announced the sale of its 63.52% stake in intu Bromley for £177.9m, which representing a premium to its June valuation of £175.9m.

The proceeds will be deployed to the company's £600m UK development pipeline.

Meanwhile, the occupancy rate declined 0.6% in the three moths to October to 95.6 from the June on a quarter-on-quarter basis.

Intu was down 1.04% to R48.50 in the mid-morning session on the JSE, valuing the company at R24.2bn.

Source: BDpro