Italian retail property specialist IGD SIIQ has announced plans to issue a €400 mln senior bond by the end of the year.
The company, one of Italy's few real estate investment trusts, has also decided to launch an exchange offer of an existing bond due 28 November 2024 for the new notes.
The exchange offer will start on 5 October 2023 and will end on 10 November 2023.
Earlier this year IGD also secured a new €250 mln loan facility with a pool of national and international banks.
IGD has been navigating tricky waters especially from the onset of the covid crisis in 2020 when its malls were closed for 87 days in total and for 44 days in 2021. The company has contended with rising energy prices, the war in Ukraine, inflation, and tightening monetary policy in the guise of rising interest rates.
All these things conspired to make a slight dent in the company’s property portfolio valuation, which was marked down by independent appraisers by 2.79% at year-end 2022 to €2.08 bn.
It has 27 malls in Italy and 14 shopping centers in Romania with 157 employees.
