The property developer behind the revamped H1 office building at the Hill of Rubislaw in Aberdeen has raised £200million in a bond issue.
Kennedy Wilson Europe (KWE), a Jersey-registered investor with a property portfolio extending across UK, Ireland, Spain and Italy, said the cash would be used to “pay certain unsecured debt and for general corporate purposes”.
It is the second tranche of bond issuance the firm has completed in recent months, bringing the total value of cash raised to £500million.
Mary Ricks, chief executive of the FTSE 250-listed real estate investment company, said: “The success of this further bond issue shows the continued attractiveness of Kennedy Wilson Europe to bondholders, and is a further positive step in our continued progress towards a more flexible debt structure with a greater proportion of unsecured finance.”
The firm will officially launch H1, formerly known as Seafield House, next month having recently completed a £7million refurbishment programme.
KWE acquired a number office buildings on the Hill of Rubislaw when it snapped up a portfolio of 21 properties from Fordgate for £296million in 2014. Fordgate, owned by reclusive a pair of property tycoon brothers, Moises and Mendi Gertner, had to sell the buildings after defaulting on borrowings in the wake of the banking crisis.
