New Fixed Rate Term Loan Facility

RNS Number : 1446G

Tritax Big Box REIT plc

03 August 2016

 

3 August 2016

TRITAX BIG BOX REIT PLC

(the "Company" or "Group")

NEW FIXED RATE TERM LOAN FACILITY OF £72 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed a new long-term, interest only, fixed rate term loan facility of £72 million with Canada Life Investments (the "Facility"), secured against a portfolio of three standing assets.

The Facility, which will be drawn in full immediately, is repayable on 30 April 2029 and has a fixed all-in rate payable of 2.64% per annum. The amounts drawn down under the Facility will be segregated and non-recourse to the Company.

The Facility extends the Group's weighted average unexpired loan term from 4.4 years to 5.3 years and increases the Group's loan to value ("LTV") ratio to approximately 33%.

Colin Godfrey, Partner of Tritax, commented:

"'This Facility provides attractive, long-term, fixed rate debt financing and we are delighted to welcome Canada Life as a new lender to the Group. The Board continues to seek to optimise the capital structure of the Company to ensure both longer and shorter term facilities can be employed as appropriate to underpin our dividend and support our growth plans."

For further information, please contact: 

Tritax Group Colin Godfrey (Partner, Fund Manager) via Newgate (below) Newgate (PR Adviser) James Benjamin Alex Shilov 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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