ASX-listed residential property developer
Sunland Group has completed its $50 million issue of 5-year fixed-rate notes, which was sole arranged by fixed income specialist
The bond offer received strong investor demand and consequently over-subscriptions were accepted above the initial issue size of $40 million.
The successful Sunland issue follows others by property companies including Sydney-based property investment group 360 Capital, Brisbane-based developer Stockwell, Sydney-based developer Payce, and global infrastructure developer Plenary.
MORE READING: How FIIG Is Helping Property Companies Tap The Bond Market Sunland's proposed Mariner's Cove development on Sea World Drive at the Gold Coast[/caption]Sunland Group Managing Director, Sahba Abedian, said the Group was very pleased the note issue had received such strong support from sophisticated investors.
“The proceeds from the offer, together with Sunland’s existing banking arrangements and capital management initiatives, will be used to fund future residential developments, property inventories and working capital of the Group,” Mr Abedian said.
Sunland Group Limited was established in 1983 and over the past 32 years has become a diversified residential property development group focused on delivering urban land, residential housing and multi-storey developments along Australia’s east coast.
Sunland’s national development portfolio comprises in excess of 6,000 residential land, housing and multi-storey products with a total value of approximately $3.7 billion.
In 2015 Sunland is celebrating its 20th anniversary as a listed company on the Australian Securities Exchange and has a current market capitalisation of approximately $290 million.
FIIG Securities Limited, which is licensed by the Australian Securities and Investments Commission (ASIC), is Australia’s largest specialist fixed-income dealer. FIIG has more than $11 billion in term deposits and corporate bonds under advice in its short-term money market, bonds and custody business. The company has offices in Sydney, Melbourne, Brisbane and Perth.