FINANCING OF ASSET PRE-LET TO ROLLS-ROYCE

RNS Number : 7752L

Tritax Big Box REIT plc

30 April 2015

 

30 April 2015

TRITAX BIG BOX REIT PLC

(the "Company")

FINANCING OF ASSET PRE-LET TO ROLLS-ROYCE MOTOR CARS LIMITED

Further to the announcement on 29 September 2014 that the Company had exchanged contracts to forward fund the development of a new logistics asset located near Bognor Regis, West Sussex, pre-let in its entirety to Rolls-Royce Motor Cars Limited, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has drawn on senior debt financing secured on the asset. This facility has been agreed with Barclays Bank PLC to the value of £14.8 million, reflecting a loan to value ratio of approximately 39.5%.

The debt financing is for a term of five years. The facility will commence as a development term facility which converts into an investment term facility at the point of practical completion of the building, which is targeted for the spring of 2016.

The blended margin payable across the Company's financings post practical completion will be approximately 1.76% above three month LIBOR.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

NOTES:

Tritax Big Box REIT plc is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies ("REIT"). The Company invests in and asset manages a portfolio of well-located, modern "Big Box" assets, typically targeting buildings greater than 500,000 sq. ft., let to institutional-grade tenants on long-term leases (typically between 12 and 25 years in length) with upward-only rent reviews (providing the potential for inflation linked earnings growth), and with 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 in high growth areas of the economy and limited stock supply. The Company is the first listed vehicle to give pure exposure to the "Big Box" asset class in the UK.

Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk 

 

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