Tritax has secured a £50.9m senior debt facility from Helaba to fund its purchase of a warehouse in Erith, south-east London.
The five-year loan, which is at a loan to value of 50% of the purchase price, is a forward-funding agreement structured to provide a 12-month development loan. This will then convert into an acquisition loan on completion, which is expected in the summer of 2016.
The loan has a blended margin of 170bps above three-month Libor post completion.
The warehouse, in Crossdox, Bronze Age Way, Erith, is prelet to a subsidiary of the Ocado Group.
