UK REIT British Land is planning to raise close to $500 mln (EUR 352 mln) by issuing bonds in the US private placement market, according to a news report in the Financial Times.

The UK property company had initially aimed to place $200 mln of bonds, the FT said, but the fundraising was increased to about $480 mln in response to robust demand. The bond placement reflects the company's efforts to diversify its funding sources.

Royal Bank of Scotland and HSBC are the joint book runners.

British Land declined to comment.