UK markets closed
  • FTSE 100

    7,134.06
    +45.88 (+0.65%)
     
  • FTSE 250

    22,734.13
    +125.37 (+0.55%)
     
  • AIM

    1,249.65
    +3.03 (+0.24%)
     
  • GBP/EUR

    1.1648
    +0.0009 (+0.07%)
     
  • GBP/USD

    1.4117
    -0.0060 (-0.42%)
     
  • BTC-GBP

    25,371.10
    +45.81 (+0.18%)
     
  • CMC Crypto 200

    924.19
    -17.62 (-1.87%)
     
  • S&P 500

    4,247.44
    +8.26 (+0.19%)
     
  • DOW

    34,479.60
    +13.36 (+0.04%)
     
  • CRUDE OIL

    70.78
    +0.49 (+0.70%)
     
  • GOLD FUTURES

    1,879.50
    -16.90 (-0.89%)
     
  • NIKKEI 225

    28,948.73
    -9.83 (-0.03%)
     
  • HANG SENG

    28,842.13
    +103.25 (+0.36%)
     
  • DAX

    15,693.27
    +122.05 (+0.78%)
     
  • CAC 40

    6,600.66
    +54.17 (+0.83%)
     

Mall operator Hammerson launches 700 million euro sustainability-linked bond

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
  • Oops!
    Something went wrong.
    Please try again later.

(Corrects to say co is shifting existing debt profile, not cutting debt, in paragraph 1)

(Reuters) -Mall operator Hammerson on Thursday launched a real estate sustainability-linked bond of 700 million euros ($853.30 million) as it shifts the profile of its existing debt.

The offering follows Hammerson's exit from the UK retail parks sector with a $459 million assets sale to Brookfield last month after reporting a 1.7 billion pound loss for 2020. It had also issued a longer-term debt warning.

Last week, British shopping centres returned to full operations after months of lockdowns and pandemic-related curbs knocked the value of malls amid widespread retail rent deferrals and declines.

"The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals," Chief Financial Officer Himanshu Raja said in a statement.

Global green bond issuance reached a record high of $270 billion at the end of 2020 and could reach $450 billion this year, according to Climate Bonds Initiative.

Hammerson has set the target to get net positive for carbon, water, resource use and social impacts by 2030.

($1 = 0.8203 euros)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Arun Koyyur)