TIDMBBOX
RNS Number : 0845G
Tritax Big Box REIT plc
23 November 2020
23 November 2020
GBP250 MILLION DEBUT GREEN BOND ISSUANCE
FIRST STERLING GREEN BOND ISSUANCE BY A UK REIT - SUPPORTING
SUSTAINABILITY STRATEGY AND VISION
Tritax Big Box REIT plc (ticker: BBOX) (the Company) has today
priced GBP250 million of unsecured green bonds maturing on 27
November 2033 (the 2033 Notes) under the Company's GBP1.5 billion
Euro Medium Term Note Programme (the EMTN Programme).This follows a
series of fixed income investor meetings which generated
substantial institutional demand.
Further strengthening the balance sheet
The 2033 Notes will have a tenor of 13 years and an interest
rate of 1.5%. The issue will reduce the Company's consolidated
pro-forma capped cost of debt to 2.5% and the pro-forma average
duration of debt will increase from 6.7 years to 7.5 years.
The 2033 Notes are rated Baa1 by Moody's Investors Service
Limited and are expected to (i) be issued on 27 November 2020 upon
the satisfaction or waiver of customary conditions precedent; and
(ii) be admitted to the Irish Stock Exchange's Official List and to
trading on the Global Exchange Market of the Irish Stock Exchange
upon issue.
Aligned with the Company's sustainability strategy and
vision
The proceeds from the 2033 Notes are intended to be used to
finance or refinance new or existing green projects that satisfy
the criteria set out in our newly established Green Finance
Framework (the Framework), as announced on 17 November 2020. The
Framework is available on the Company's website.
The 2033 Notes, which we believe will be the first Sterling
green bond issuance by a UK REIT, will contribute towards the
funding of the Company's extensive pipeline of new developments
that are expected to be built as best-in-class, sustainable, net
zero carbon buildings and to be BREEAM certified as either "Very
Good" or "Excellent."
The Company's vision for sustainability is to demonstrate
leadership in sustainable logistics, working in collaboration with
stakeholders to create positive change and value in the long term.
Using the proceeds of the 2033 Notes for the aforementioned green
projects demonstrates the Company's comprehensive commitment to
this vision and is in line with the Company's 2030 Sustainability
Strategy.
In recognition of its progress on sustainability to date, the
Company has been recently awarded:
-- A 3 Star score from the GRESB (Global Real Estate Sustainability Benchmark) ;
-- BB ESG rating from MSCI; and
-- EPRA Sustainability Best Practices Recommendations Most Improved and Bronze awards in 2019.
The Company is also a Gold Leaf Member of UK Green Building
Council.
Frankie Whitehead, Finance Director for Tritax Big Box REIT plc,
commented :
"Earlier this year we launched our bold and ambitious vision and
strategy for sustainability with a view to demonstrating leadership
in sustainable logistics. As part of this leadership, we are
launching the first Sterling green bond by a UK REIT, the proceeds
of which will support the development of the next generation of
"green" logistics buildings. Across our portfolio, we see
significant opportunities to reduce environmental impact,
benefitting all of our stakeholders. In addition to supporting
these objectives, the Green Bond represents attractively priced,
long-dated financing, further strengthening our balance sheet."
Helen Drury, Sustainability Lead for Tritax Big Box REIT plc,
commented:
"We are making significant progess in enhancing the
sustainability of our portfolio for the benefit of all our
stakeholders. With the UK's largest logistics focused land bank, we
have the opportunity to make a significant and positive
contribution to improving the environmental impact of the logistics
real estate and construction sectors, a key part of the UK economy.
Initiatives that deliver best in class sustainable developments,
reduce carbon emissions and support energy efficiency will be
supported by the proceeds from our first green bond."
Barclays Bank PLC and BNP Paribas (acting as Joint Global
Coordinators and Structuring Advisors) and Wells Fargo Securities
International Limited (acting as Active Bookrunner) were mandated
in connection with the 2033 Notes.
The Company was advised on the financing transaction by Lazard
& Co., Limited.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group Tel: +44 (0) 20 8051 5057
Colin Godfrey (CEO, Fund Management)
Frankie Whitehead (Finance Director)
Ian Brown / Jo Blackshaw (Investor
Relations)
Tel: +44 (0) 20 7379 5151
Maitland/AMO (Media enquiries) tritax-maitland@maitland.co.uk
James Benjamin / Rhys Jones
The Company's LEI is: 213800L6X88MIYPVR714
NOTES:
The Company is the only listed vehicle dedicated to investing in
very large logistics warehouse assets ( Big Boxes ) in the UK and
is committed to delivering attractive and sustainable returns for
Shareholders. Investing in and actively managing existing built
investments, land suitable for Big Box development and developments
predominantly delivered through pre-let forward funded basis, the
Company focuses on large, well-located, modern Big Box logistics
assets, 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 supply of Big Boxes.
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
The information contained in the Base Listing Particulars dated
17 November 2020 in respect of the EMTN Programme (as supplemented,
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