Bank of Georgia completes project ahead of secheule, closes bond placement

12th Jun 2014 10:16

JSC m2 Real Estate, a subsidiary of Bank of Georgia, has completed its largest ever project four months ahead of schedule.The group said that 97% of the apartments on the project have been sold, with more than one third being financed through its mortgages, and as such has stimulated its mortgage lending business. In an announcement made Wednesday, the group also said it had successfully closed a £10m one-year bond placement by another subsidiary that is managed by JSC m2 Real Estate, which was issued at a coupon rate of 8.42%."The demand was primarily driven by international and local wealth management clients. I am also pleased that we have offered high yielding product to our wealth management clients on the back of deposit rate cuts. The yield on m2 bonds is significantly higher than the deposit rates currently offered on the market", Irakli Gilauri, the Chief Executive of Bank of Georgia, said. Shares were up 0.63% to 2,385p by 10:26.NR