Tritax Big Box REIT plc Financing of B&Q Regional Distribution Centre (9881M)
May 13 2015 - 1:01AM
UK Regulatory
TIDMBBOX
RNS Number : 9881M
Tritax Big Box REIT plc
13 May 2015
13 May 2015
TRITAX BIG BOX REIT PLC
(the "Company")
FINANCING OF THE B&Q CORE PRODUCTS REGIONAL DISTRIBUTION
CENTRE AT WORKSOP, NOTTINGHAMSHIRE
Further to the announcement on 29 April 2015 that the Company
had acquired the B&Q Regional Distribution Centre at Worksop,
Nottinghamshire, 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 GBP40.38 million, reflecting
a loan to value ratio of 45% at the asset level.
The debt financing for the distribution centre is for a term of
five 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 six years.
Post drawdown the blended margin payable across the Company's
financings is approximately 1.77% above three month LIBOR and the
loan to value ratio across all assets stands at approximately
33%.
For further information, please contact:
Tritax Group via Newgate (below)
Colin Godfrey (Partner,
Fund Manager)
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: tritax@newgatecomms.com
Andre Hamlyn
Lois Engstrand
Jefferies International Tel: 020 7029 8000
Limited
Gary Gould
Stuart Klein
Alex Collins
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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