DLA Piper advises UBM on the launch of its first sustainability-linked bond

DLA Piper has advised Vienna-based real estate developer UBM Development on the successful placement of its first sustainability-linked bond . The books were closed after only two hours on the first day of the cash subscription period. Due to the enormous demand, the volume was increased from EUR125m to EUR150m.

The EUR150 million 3.125% sustainability-linked UBM bond was offered for subscription in Austria, Germany and Luxembourg as part of a public offering subject to a prospectus requirement and in other countries as part of a private placement. The planned value date is 21 May 2021. Raiffeisen Bank International AG and M.M. Warburg & CO acted as Joint Lead Managers, Bookrunners and Dealer Manager for the transaction as well as Joint Sustainability Structuring Agents.

DLA Piper advised UBM with a Capital Markets team led by Vienna-based partner Dr. Christian Temmel and senior associate Dr. Christian Knauder. Law firm Wolf Theiss advised on the banking aspects of the transaction with a team led by Alexander Haas.

Dr. Christian Temmel, partner and Head of DLA Piper’s Capital Markets practice in Vienna, said: “We are pleased to have advised UBM Development once again on a bond issue . The innovative structure of the bond, with its focus on sustainability, together with its enormous success confirm the strong confidence of investors in their strategy.”

UBM Development creates real estate for Europe’s top cities. The strategic focus is on green building and smart office in major European metropolitan areas like Vienna, Berlin, Munich or Prague. The company’s shares are listed in the Prime Market of the Vienna Stock Exchange.