In February, we published an article on High Yield Bonds by German Real Estate Companies, in which we noted the increasing convergence / overlap between traditional real estate finance, leveraged finance and debt capital markets products, as exemplified by a small but increasing number of “corporate-style” high yield bond offerings by German real estate companies.

Last week, another name joined the growing list of high yield issuers in the sector. Luxembourg-based Corestate Capital Holding S.A. (S&P: BB+), one of the leading listed investment managers for real estate equity and debt in the German, Austrian and Swiss region of Europe and with market focus predominantly on Germany, priced its offering of €300,000,000 3.5% Senior Notes due 2023 with an issue price of 98.857%, for a 3.75% yield.

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