Aroundtown Property Holdings, an unlisted member of Yakir Gabay’s stable of property investment companies, has issued a €450m pre-IPO convertible, which embodies a strong pledge that the company will float within the next 12 months. The bond was announced as placed on Monday by Deutsche Bank, Berenberg and Morgan Stanley as bookrunners. The five year bond has a 3% coupon and was issued at 95.68, giving it a 4% yield to its par redemption. “There are a lot of ...
Aroundtown Properties, an unlisted member of Yakir Gabay"s stable of property investment companies has issued a €450mn pre-IPO convertible which embodies a strong pledge that the company will float in the next year. The deal is expected to be completed by mid-2017 and would see the firm raise its stake from around 30% to more than 50%.