Tritax Big Box REIT plc ADDITIONAL £50 MILLION SECURED DEBT FACILITY (1702S)
19 December 2016 - 6:00PM
UK Regulatory
TIDMBBOX
RNS Number : 1702S
Tritax Big Box REIT plc
19 December 2016
19 December 2016
TRITAX BIG BOX REIT PLC
(the "Company" or "Group")
ADDITIONAL GBP50 MILLION SECURED DEBT FACILITY AGREED
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased
to announce that the Company has agreed an additional GBP50 million
term loan (the "Additional Term Loan") to the GBP500 million
secured debt facility agreed with a syndicate of four lenders in
October 2015 (the "Original Facility"), which increases the
aggregate facility to GBP550 million.
The Additional Term Loan has been agreed with Wells Fargo Bank,
N.A., one of the existing syndicate lenders, on the same terms as
the Original Facility. The Additional Term Loan will expire at the
same time as the Original Facility in October 2020. Subject to
lender support, the Company has a twelve month extension option
available on the enlarged loan, which is exercisable in October
2017. The Group has until 28 February 2017 to fully utilise the
Additional Term Loan.
The Group has a current weighted average all-in cost of
borrowing of 1.89% and a weighted average capped cost of borrowing
of 2.82%. 99.7% of drawn debt is subject to hedging arrangements.
The Group's current loan to value ratio is approximately 31% with a
medium term target of 40%.
Colin Godfrey, Partner of Tritax, commented:
"We are pleased to have secured this further debt with Wells
Fargo on the same attractive terms as agreed a year ago. We have
secured a robust pipeline of investment opportunities on behalf of
the Company and look forward to announcing further acquisitions in
the near term."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group via Newgate below
Colin Godfrey (Partner,
Fund Manager)
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: tritax@newgatecomms.com
Zoe Pocock
Lydia Thompson
Jefferies International Tel: 020 7029 8000
Limited
Gary Gould
Stuart Klein
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
NOTES:
Tritax Big Box REIT plc is the only listed vehicle to give pure
exposure to the "Big Box" logistics asset class in the UK and is
committed to delivering attractive and sustainable returns for
shareholders. Investing in and managing both standing and pre-let
forward funded development assets, the Company focuses on
well-located, modern "Big Box" logistics assets, typically greater
than 500,000 sq. ft., let to institutional-grade tenants on
long-term leases (typically at least 12 years in length) with
upward-only rent reviews and geographic and tenant diversification
throughout the UK. The Company seeks to exploit the significant
opportunity in this sub-sector of the UK logistics market owing to
strong tenant demand and limited stock supply.
The Company is a real estate investment trust to which Part 12
of the UK Corporation Tax Act 2010 applies ("REIT"), is listed on
the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices.
Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRFFFESAFMSESE
(END) Dow Jones Newswires
December 19, 2016 02:00 ET (07:00 GMT)
Tritax Big Box Reit (LSE:BBOX)
Historical Stock Chart
From Apr 2024 to May 2024
Tritax Big Box Reit (LSE:BBOX)
Historical Stock Chart
From May 2023 to May 2024