British Land taps US bond markets

LONDON-listed property giant British Land is close to raising $500m (£313m) by issuing bonds in the US private placement market.

The firm, which owns the Broadgate complex in the City that it will now be able to redevelop following a campaign by City A.M. against an English Heritage objection, had looked to place $200m of bonds with US private investors.

It is believed to have increased the amount to about $480m on strong demand from investors for the company’s debt.

The bonds are expected to have maturities of between seven and 15 years.

RBS and HSBC are the joint book runners on the deal, which has not yet been finalised.