FINANCING OF TWO DHL WAREHOUSES

RNS Number : 4591X

Tritax Big Box REIT plc

19 November 2014

 



19 November 2014

TRITAX BIG BOX REIT PLC

(the"Company" or the "Group")

FINANCINGS OF DHL SUPPLY CHAIN LTD DISTRIBUTION WAREHOUSES AT LANGLEY MILL, NOTTINGHAM AND SKELMERSDALE, LANCASHIRE

Further to the acquisitions of the two DHL Supply Chain Ltd ("DHL") distribution warehouses at Langley Mill, Nottingham and Skelmersdale, Lancashire both announced on 20 August 2014, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has signed agreements with Landesbank Hessen-Thüringen Girozentrale (Helaba) to provide £7.06 million and £11.6 million respectively of senior debt financing secured individually on each of the assets. These reflect loan to value ratios of approximately 39.3%.

The debt financing for both distribution warehouses are for terms of five years. The blended margin payable across the Company's financings to date is approximately 1.75% above three month LIBOR. Following drawdown of the loans, the Group's aggregate borrowings will be 38.4% of the Group's gross assets.

As set out in the Company's investment policy, the Group's initial target level of aggregate borrowings is 45% of the Group's gross assets with a medium term target of 40% of the Group's gross assets.

For further information, please contact:

Tritax Group Colin Godfrey (Partner, Fund Manager) via Newgate Communications Newgate Communications (Financial PR) James Benjamin Clotilde Gros Georgia Lewis 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 a portfolio of well-located, modern "Big Box" assets, typically 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 (giving 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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