Unite Group, the UK’s biggest student accommodation provider, is joining the band of listed property companies to tap retail investors for money.
On Wednesday it launched an issue of retail bonds, paying a coupon of 6.125% and maturing on 12 June 2020.
The bonds have a minimum initial subscription amount of £2,000 and will be listed on the London Stock Exchange’s Order Book for Retail Bonds market.
Investec and Numis Securities will act as joint lead managers on the issue. The offer period will open on 21 November and is expected to close on 5 December.
Unite will join St Modwen, Primary Health Properties, CLS Holdings and Workspace Group, which have raised £50m to £80m from issues of retail bonds this year.
|Retail bond issues in second half of 2012|
|Primary Health Properties||£75m||5.375%|
|Source: Property Week|