30th Apr 2015 10:02
LONDON (Alliance News) - Tritax Big Box REIT PLC Thursday said it has drawn on a GBP14.8 million senior debt facility agreed with Barclays Bank to finance a new logistics asset in West Sussex that is pre-let to Rolls-Rolls Motor Cars Ltd.
The real estate investment trust said the five-year debt facility will start as a development term facility and convert into an investment term facility once the new building near Bognor Regis is practically completed, which is expected to be in the spring of 2016. The facility is secured on the asset.
Tritax said the new GBP14.8 million facility reflects a loan-to-value ratio of about 39.5%, and the blended margin payable across its financing facilities after the practical completion of the Rolls-Royce building will be about 1.76% above the three month London Interbank Offered Rate.
The company had exchanged contracts to forward fund the development of a new logistics asset last September.
Tritax shares were down 0.1% at 116.18 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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