Unite student accommodation raises £185m through bond issue
The Unite Group’s UK Student Accommodation Fund (USAF) has raised £185 million through a bond issue.
The bonds, secured against the fund’s portfolio of property, have a 12-year maturity and pay a fixed coupon of 3.9%. The proceeds will be used to repay secured debt due to mature in the next two years.
Unite said the bonds, which are rated A by both Standard & Poor’s and Fitch, will complete USAF’s recent refinancing activity …