UK: Select Property Group has launched a bond offer as it looks to broaden its sources of funding.
The company develops and manages properties across the serviced apartment, student and PRS sectors through its CitySuites, Vita Student and Affinity Living and brands.
Mark Stott, chief executive, said: “The success of our strategy is evident in our upcoming developments and our future pipeline. As we continue to grow the business and build on the success we have achieved to date, we are seeking opportunities to diversify our sources of funding. The launch of our debut retail bond will support the continued development of our business and it marks an exciting step forward for Select Property Group and our stable of brands.”
“Over the past decade, we have built three brands that, while targeting different sections of the property market, are united by an approach that puts the needs and experiences of our customers at the very forefront of the offering. We believe that our ability to develop a sense of community is crucial to driving consistently high occupancy rates and generating sustainable, growing income streams,” he added.
The bonds will bear interest at a fixed rate of six per cent per year, payable in two equal instalments a year from the date of issue until they mature on 13 October 2023. Investors are allowed to sell the bonds at any time.
Cenkos Securities is acting as lead manager on the issue. The authorised offerors are AJ Bell, Saga Share Direct, Selftrade and Shareview.
The bonds have a minimum initial subscription amount of £2,000 and are available in multiples of £100 thereafter. The offer period is now open and is expected to close on 5 October.</p
