FM newsroom – real estate development, office. WING carried out a successful EUR 37 million bond issue. The Hungarian real estate development company accepted all incoming offers for bonds with a 3-year term and a fixed interest rate of 8.90 per cent with a total nominal value of EUR 35 million. The company intends to use the funds received to exploit new investment opportunities and start new real estate development projects.
Investors have confidence in WING
A total of 37,030 bonds with a nominal value of EUR 1,000 each were subscribed during WING’s bond issue, which closed on March 28. As a result, one of the leading privately owned real estate developers and investors in the Central European real estate market raised capital worth a total of EUR 37.03 million. This will allow the company to continue with its development plans and growth strategy and accelerate the preparation of planned new real estate developments. With a total nominal value of EUR 35 million, WING announced the Euro-based bonds for subscription with a 3-year term and a fixed interest rate of 8.90 per cent, the official announcement informs.
The company informed the investors that it would initiate the listing of all bonds issued to the Budapest Stock Exchange. Through its bond programs, WING has been continuously present on the domestic capital market and stock exchange since 2016.
” The company is a key player in the Hungarian real estate market, and it also owns the majority of Poland’s largest real estate development company, ECHO Investment, listed on the Warsaw Stock Exchange, and the leading German residential and commercial real estate developer, BAUWERT. The successful bond issue that has just been carried out gives positive feedback that investors have strong confidence in WING and see further growth potential in the company”- Noah Steinberg, president of WING Zrt. CEO.
Investments continue amid improved market prospects
From a development perspective, 2023 has been an active period for WING, and investments will continue this year amid improved market prospects. The successful bond issue helps to create the conditions on which the company can further strengthen its existing leading role in the regional real estate development market.
Last December, WING handed over the first phase of the Liberty office-hotel mixed-use project, as part of which Budapest’s first TRIBE hotel was opened as part of the ibis&TRIBE Budapest Stadium dual-branded hotel located here. The development of Liberty continues and the second phase will also be handed over this year.
In addition, development works are underway at the Liget Center office complex, which will house RTL Hungary following the planned handover in the summer. In addition to the Auditorium and Classic buildings designed for RTL, a new boutique-style office building, the Liget Center Vitrum, will be built in the area, which awaits its future tenants.
A new Tribe hotel is also being built at the airport as a continuation of the ibis Styles hotel, while the construction of another 9,100 sqm hall building has begun in the second phase of WING’s latest industrial development, East Gate PRO.
The past year was also intensive in terms of apartment developments, and the company, under the brand name LIVING, has now successfully handed over its 1000th apartment.
Photo: wing.hu
