4th Jun 2014 11:59
LONDON (Alliance News) - Tritax Big Box REIT PLC Wednesday said it has signed financing agreements with Barclays Bank PLC for the acquisitions it announced in April and in December 2013.
The real estate investment trust announced the acquisition of the Marks & Spencer East Midlands distribution centre at Castle Donington in Leicestershire in December 2013, followed by the acquisition of the Tesco distribution centre at Southmead Industrial Estate in Didcot announced in early April.
Barclays Bank is providing GBP49.3 million of senior debt for the acquisition of the Marks & Spencer East Midlands distribution centre, and GBP12.2 million for the Tesco distribution centre. Both financing deals are secured individually on the assets.
The GBP49.3 million debt financing represents a 59% loan to value ratio, while the GBP12.2 million financing represents 45%. The financing for the M&S East Midlands distribution centre is for a five year term, with an option extend it before the end of the second and third years by up to seven years. The term for the Tesco Didcot distribution centre is for four years, with an option to extend it prior to the end of the first year by up to five years.
Tritax Big Box shares were Wednesday quoted at 106.72 pence, up 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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