Landsec to raise £300m in bond deal

Landsec is raising £300m through a new bond issuance. The deal, launched via the REIT’s Land Securities Capital Markets subsidiary, has a maturity of 7.5 years and will pay a coupon of 4.75%, representing a spread of 103 basis points over the reference gilt rate.  Landsec’s latest issuance follows the maturity of two bonds totalling £417m in February. Chief financial officer Vanessa Simms said: “This transaction further enhances Landsec’s strong financial position, extending our weighted average debt maturity to 9.4 years and underpinning our future growth opportunities. The high-quality order book, which was multiple times over-subscribed, and competitive pricing highlights the continued strong investor demand for Landsec credit.”