Logistics developer Panattoni is open for new investments after closing a £625m development loan facility.
The transaction, which will support its strategic growth in the UK, was arranged by JP Morgan with a syndicate of lenders and is extendable for up to five years.
The financing is expected to help Panattoni to kick off a new wave of speculative warehousing, where it is targeting areas of undersupply. So far this year the developer has added a further 2m sq ft of industrial space to its current 3m sq ft speculative-build programme.
Matthew Byrom, managing director at Panattoni, said: “This new £625m facility allows us to continue our ambitious growth plans for the UK and to support our partners in building best-in-class assets. We are keen to grow our pipeline of buy-and-build development and we are seeing an unprecedented number of compelling opportunities in which we’d like to invest”.
Oliver Choppin, finance director at Panattoni, said: “Our decision to pursue a flexible revolving credit facility gives us the ability to access capital quickly and allows us the agility to close on new investments without complication.”
Image from Panattoni
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