Tritax Big Box REIT has drawn down a £14.8m loan from Barclays Bank to finance the development of a logistics centre near Bognor Regis, West Sussex that has been prelet to Rolls-Royce.
The five-year facility reflects a loan to value of 39.5%.
It will commence as a development term loan and will convert into an investment term loan at the point of completion of the building, due in spring 2016.
The blended margin across Tritax’s financings post completion will be x1.765 above three-month LIBOR.
