2nd Oct 2015 06:49
LONDON (Alliance News) - Tritax Big Box REIT PLC on Friday said it has secured a GBP500 million secured debt facility from a syndicate of four lenders.
The FTSE 250-listed company, which invests in so-called big box property assets, said the facility comprises a GBP320.0 million term loan which the company will draw down immediately, along with another GBP80.0 million term loan to be drawn on the first anniversary of the deal and a GBP100.0 million revolving credit facility.
The deal will refinance its existing GBP253.3 million debt pile, currently provided by Barclays Bank PLC and Santander UK PLC.
The new facility will be provided by Barclays, Helaba, Wells Fargo Bank NA and ING Real Estate Finance (UK) BV.
"This is a very attractive loan package that will immediately reduce the group's average cost of borrowing by 35 bps, extend our average unexpired loan term and bring the group's LTV ratio more in line with the group's stated medium term target. The facility will also provide the debt resource needed to support our ongoing growth plans, building upon our strong financial performance," said Colin Godfrey, a Tritax partner.
By Sam Unsted; [email protected]; @SamUAtAlliance
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