Ghelamco is preparing to place another 500,000 bonds worth PLN 50m on the Polish market next month in a move likely to spark interest from private investors, according to local analysts. The placement is part of Ghelamco’s bond issuance program through which it hopes to raise up to PLN 250m. The first tranche, set to be placed on the market in December, will mature in 2019. The issuance is targeting private investors. The developer will pay interest at a floating six-month WIBOR rate, increased by a 3.5-percent margin. The bonds are to be listed at the Warsaw Stock Exchange.
The company said it hopes to raise more money next year, if this recent issuance is successful. So far, Ghelamco has raised more than PLN 1bn from Poland’s bond market. The bond program will help fund new land acquisitions.
Ghelamco announced earlier this month it will start working on Sienna Towers in Warsaw next year. The developer has all the permits in place for the nearly 100,000 sqm, three-tower office project. The project’s 86-meter tall tower could reportedly be leased to one company. AMC Chołdzyński provided the design. The company has also confirmed earlier media reports that it has taken over an apartment building on Grzybowska street on a plot next to its flagship investment, Warsaw Spire.
