Tritax Big Box REIT plc New Fixed Rate Term Loan Facility of £90 Million (1413Y)
01 March 2017 - 6:01PM
UK Regulatory
TIDMBBOX
RNS Number : 1413Y
Tritax Big Box REIT plc
01 March 2017
1 March 2017
TRITAX BIG BOX REIT PLC
(the "Company")
NEW FIXED RATE TERM LOAN FACILITY OF GBP90 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased
to announce that the Company has agreed a new long-term, interest
only, fixed rate term loan facility of GBP90 million with PGIM Real
Estate Finance (the "Facility"), secured against a portfolio of
three standing assets and one forward funded asset. PGIM Real
Estate Finance acted as Agent and Security Agent on the transaction
and is a business of US based Prudential Financial (NYSE: PRU).
The 10-year Facility, which will be drawn in full immediately,
is repayable on 2 March 2027 and has a fixed all-in rate payable of
2.54% per annum. The amounts drawn down under the Facility will be
segregated and non-recourse to the Company and contains an
accession mechanism allowing for further assets to be added to the
Facility in the future. The proceeds will be used to acquire
further investments.
The Facility maintains the Group's weighted average margin
payable across its facilities at 1.43% whilst reducing the weighted
average capped cost of borrowing to 2.78%.
The Facility extends the Group's weighted average unexpired loan
term from 4.7 years to 5.3 years. The Group has a medium term loan
to value target of up to 40%, although it is expected that the
level will be maintained in the region of 30% to 35% in the short
term.
Colin Godfrey, Partner of Tritax, commented:
"This Facility provides further attractive, long-term, fixed
rate debt financing whilst further diversifying our borrowing with
a strong global lender in logistics, which has the capacity to
participate in our growth plans. It also extends the average
maturity and staggers the exit profile of our loans."
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
MSCKMGZZZRZGNZZ
(END) Dow Jones Newswires
March 01, 2017 02:01 ET (07:01 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