Tritax Big Box REIT plc FINANCING OF ASSET PRE-LET TO ROLLS-ROYCE (7752L)
April 30 2015 - 2:01AM
UK Regulatory
TIDMBBOX
RNS Number : 7752L
Tritax Big Box REIT plc
30 April 2015
30 April 2015
TRITAX BIG BOX REIT PLC
(the "Company")
FINANCING OF ASSET PRE-LET TO ROLLS-ROYCE MOTOR CARS LIMITED
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 GBP14.8 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:
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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