17th Jun 2019 08:36
(Alliance News) - Tritax Big Box REIT PLC on Monday said it has entered a new GBP200 million unsecured revolving credit facility to support upcoming investment.
The real estate investment trust said the GBP200 million will be provided by a syndicate including the London branches of Banco Santander SA, Royal Bank Of Scotland International Ltd, BNP Paribas, and Wells Fargo Bank NA. Also included in the syndicate are Barclays Bank PLC and HSBC UK Bank PLC. Barclays will act as agent for the loan.
The loans' initial maturity is five years, which can be extended another two years to seven years total with lenders' consent. The facility also has a GBP100 million accordion option and has an opening margin of 1.1% per annum over LIBOR.
Triatx Big Box Finance Director Frankie Whitehead said: "This well supported new facility provides the company with a greater level of flexible liquidity on attractive terms which will support the company's growth. In particular, following the acquisition of db Symmetry in February 2019, the new facility will provide flexibility to help the company to commit to further land acquisitions and pre-let forward funded development activity as we begin the next phase of our growth trajectory.
"The continued backing from our core relationship lender group underlines the strength of support for the company and our future growth strategy as well as the robust fundamentals of the Big Box logistics real estate sector."
Shares in Tritax Big Box were up 0.1% at 150.20 pence on Monday morning.
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