European Outlet Mall Venture (EOMV) has successfully launched its debut €750 million Green Bond.
EOMV is backed by three major institutional investors and owns a €2.7 billion portfolio of super-prime designer outlet centres in Italy, the Netherlands and Austria. The EOMV portfolio is operated by the McArthurGlen Group, the leading owner, developer and manager of designer outlet centres in Europe, operating 21 centres across 8 countries.
ING acted as Global Coordinator, Active Bookrunner, Sole Ratings Adviser and Sole ESG Structuring Adviser on the transaction, supporting EOMV's debut in the European bond market.
The issuance marks a significant milestone for EOMV and provides long-term unsecured financing for a portfolio of leading outlet retail destinations across the Netherlands, Italy and Austria. The successful issuance has future proofed EOMV’s capital structure and provides a solid platform for follow-up issuances.
ING worked closely with EOMV and its shareholders throughout the transaction, advising on the ratings strategy, sustainability framework, investor marketing materials and bond documentation. ING also supported the successful execution of the financing through the provision of a €660m bridge facility, facilitating the transition from secured financing to the bond issuance, and acted as Coordinator and Mandated Lead Arranger on a €50m RCF established to support the Company’s ongoing liquidity purposes.
An European Outlet Mall Venture (EOMV) representative said:
"The successful completion of this inaugural bond issuance and Investment Grade BBB+ Fitch rating is an important milestone for EOMV and demonstrates the strength of our portfolio, business model and shareholder support. We are very grateful to expert guidance and support of all the advisors throughout this process"
Douwe van Duijvendijk, Managing Director, ING Global Capital Markets said:
"Bringing a debut issuer from the Real Estate sector to the bond market and assisting the client in transitioning from a secured to an unsecured capital structure requires careful preparation and close collaboration across many ING departments. It also requires dedication from the client in making sure all workstreams are successfully completed. The EOMV team did an amazing job in processing all the various workstreams and we are very pleased that we were able to support EOMV to establish a long-term funding platform."
The successful outcome reflects strong investor appetite for high-quality real estate assets with best-in-class market positions and long-term institutional ownership.
