Workspace Group, a provider of tailored business space to new and growing companies, has closed its debut retail bond issue having raised GBP57.5m.
The bonds, which are due to launch on 9 October, will be listed on the London Stock Exchange’s Order Book for Retail Bond.
Jamie Hopkins (pictured), chief executive officer of Workspace, says: "We are delighted at the success of Workspace’s debut retail bond, which exceeded our initial target of GBP50m, and that a large number of investors have subscribed. The positive response from investors demonstrates the attractiveness of Workspace’s bond offering and allows us to diversify our sources of financing."
Chris Babington, joint lead manager, Investec, says: “Investec is delighted to have joint led Workspace’s retail bond which has set a new benchmark in the sector for covenants and investor protection. It is encouraging to see new issuers access the retail bond market as this becomes an increasingly relevant and reliable alternative source of finance.”
Oliver Cardigan, joint lead manager, Numis, says: “Numis is very pleased to have worked with Workspace on its first retail bond. The success of this bond demonstrates the growing investor appetite for these products, particularly for issues with attractive banking covenant arrangements. This bond also marks a growing trend of property companies choosing to raise money and diversify sources of financing through this market.”
