30 April 2015
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:
Newgate Communications (Financial PR)
Tel: 020 7680 6550
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 at least 12 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