FINANCING OF DOVE VALLEY PARK DISTRIBUTION CENTRE

RNS Number : 7605D

Tritax Big Box REIT plc

02 February 2015

 



2 February 2015

TRITAX BIG BOX REIT PLC

(the "Company")

FINANCING OF DISTRIBUTION CENTRE LOCATED IN DOVE VALLEY PARK, DERBY LEASED TO KUEHNE & NAGEL LIMITED

Further to the acquisition of the distribution centre in Dove Valley Park, Derby announced on 8 December 2014, 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 had previously been agreed with Barclays Bank PLC to the value of £13.2 million, reflecting a loan to value ratio of approximately 43.2%.

The debt financing for the distribution centre is for a term of four years, with an option to extend the term of the loan by up to one further year, exercisable prior to the end of year one, resulting in a maximum term of five years.

The blended margin payable across the Company's financings to date is approximately 1.76% above three month LIBOR. Following drawdown of the loan, the Group's aggregate borrowings will be 35.1% 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 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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