The Mall Ha’Yam shopping center in Eilat will be the first Israeli shopping centre to issue bonds when it taps institutionals for NIS 180 million ($40.4 million) in March.
SPC, a subsidiary created by Mall Ha’Yam Corporation to carry out the offering, will be leasing the mall’s assets for 15 years and issuing bonds backed by the mall’s anticipated cash flow. The bonds will be CPI-linked with an average duration of nine years. Maalot has given them an AA rating.
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