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The issue consists of three tranches: €400 million at a fixed coupon of 1.77 per cent due 2027, €150 million at a fixed coupon of 2.00 per cent due 2029, and €100 million at a fixed coupon of 2.27 per cent due 2032. This translates to a weighted average coupon of 1.90 per cent and a weighted average maturity of 11.2 years.

The proceeds will be used to refinance the 2018 sterling bonds and secured debt within the Airport Property Partnership. Closing and funding of the transaction will occur in August 2017. The new issue will rank pari passu with SEGRO’s existing unsecured bank and bond debt.

Soumen Das, Chief Financial Officer of SEGRO, commented:

“The support we have received from our investors for our inaugural, and well over-subscribed, US private placement debt issue is a further endorsement of the strategy we are pursuing at SEGRO. It will increase SEGRO’s weighted average debt maturity to 8 years and, once drawn, will improve the Company’s overall cost of debt. In addition, it broadens the range of SEGRO’s debt providers and creates a greater natural currency hedge for our euro-denominated assets.”

Lloyds Securities Inc and Barclays Bank PLC acted as Joint Placement Agents.

 

About SEGRO

SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, manager and developer of modern warehouses and light industrial property. It owns or manages 6.4 million square metres (69 million square feet) of space valued at £8 billion, serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in nine other European countries. See www.SEGRO.com for further information.

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