ADDITIONAL £50 MILLION SECURED DEBT FACILITY

RNS Number : 1702S

Tritax Big Box REIT plc

19 December 2016

 

19 December 2016

TRITAX BIG BOX REIT PLC

(the "Company" or "Group") 

ADDITIONAL £50 MILLION SECURED DEBT FACILITY AGREED

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed an additional £50 million term loan (the "Additional Term Loan") to the £500 million secured debt facility agreed with a syndicate of four lenders in October 2015 (the "Original Facility"), which increases the aggregate facility to £550 million.

The Additional Term Loan has been agreed with Wells Fargo Bank, N.A., one of the existing syndicate lenders, on the same terms as the Original Facility. The Additional Term Loan will expire at the same time as the Original Facility in October 2020. Subject to lender support, the Company has a twelve month extension option available on the enlarged loan, which is exercisable in October 2017. The Group has until 28 February 2017 to fully utilise the Additional Term Loan.

The Group has a current weighted average all-in cost of borrowing of 1.89% and a weighted average capped cost of borrowing of 2.82%. 99.7% of drawn debt is subject to hedging arrangements. The Group's current loan to value ratio is approximately 31% with a medium term target of 40%.

Colin Godfrey, Partner of Tritax, commented:

"We are pleased to have secured this further debt with Wells Fargo on the same attractive terms as agreed a year ago. We have secured a robust pipeline of investment opportunities on behalf of the Company and look forward to announcing further acquisitions in the near term."

FOR FURTHER INFORMATION, PLEASE CONTACT:

Tritax Group Colin Godfrey (Partner, Fund Manager)	via Newgate below
Newgate (PR Adviser) James Benjamin Zoe Pocock Lydia Thompson	Tel: [phone] Email: [e-mail]
Jefferies International Limited Gary Gould Stuart Klein	Tel: [phone]
Akur Limited Anthony Richardson Tom Frost Siobhan Sergeant	Tel: [phone]

NOTES:

Tritax Big Box REIT plc is the only listed vehicle to give pure exposure to the "Big Box" logistics asset class in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and managing both standing and pre-let forward funded development assets, the Company focuses on well-located, modern "Big Box" logistics assets, typically greater than 500,000 sq. ft., 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 stock supply.

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

 

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