Segro PLC, acting as venture adviser to the Segro European Logistics Partnership joint venture, said on Friday it has priced a €500 million senior unsecured bond.

The FTSE-100 industrial property investor said the bond has a seven-year term and an annual coupon of 3.75%, priced at 138 basis points above euro mid-swaps.

The bond issue saw strong demand, being more than eight times oversubscribed at its peak according to Segro.

The company said that proceeds of the issuance will principally be used to refinance existing indebtedness.

Shares in Segro were up 0.1% at 672.60 pence each in London on Friday morning, giving the company a total market capitalisation of £9.10 billion.

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