Land Securities Group’s wholly-owned subsidiary Land Securities Capital Markets, has launched its inaugural £400 mln (€450.6 mln) green bond.
The bond matures in 9.5 years, paying a coupon of 4.875%.
The transaction further enhances Landsec’s financial capacity and flexibility, and combined with its pipeline of central London and mixed-use development opportunities, will enable the UK property company to continue implementation of its strategy in the coming years.
CFO Vanessa Simms said: ‘I am delighted to be issuing our first Green Bond, illustrating Landsec's continuing green leadership credentials in the real estate sector. The transaction clearly demonstrates Landsec's ability to access competitively priced capital in more challenging market conditions and, as a result, Landsec remains well placed to perform as the economy transitions to a higher interest rate environment.’
Landsec also said it has secured planning permission for the next phase of the Red Lion Court green office development in Southwark.
The project will deliver 21,368 m2 of Grade A offices, retail and open public space on the banks of the River Thames, adjacent to Borough Yards.
Red Lion Court has been designed to be net-zero in both construction and operation, meeting or exceeding GLA and Southwark policy in terms of sustainability, biodiversity and energy efficiency.
The completed building will target WELL Core Platinum and BREEAM 'Outstanding'.