Tritax has agreed a new €200m (£176.5m) debt facility for its listed European warehouse investment vehicle, Tritax EuroBox.
BNP Paribas and HSBC are providing an unsecured revolving credit facility, which the company said would give it “flexible committed capital, at an attractive margin, to help finance the acquisition of investment opportunities in its strong identified pipeline”.
The debt has an opening margin of 1.55% and an initial maturity of five years, which can be extended by two further years, subject to lender buy-in.
When fully drawn down, the company’s loan-to-value ratio will be around 38% against a medium-term target of 45%.
Nick Preston, fund manager for Tritax EuroBox, said: “This financing represents a significant milestone for the company following its initial public offering in July. The €200m new facility offers the company a highly attractive cost of debt and the unsecured structure provides significant operational flexibility, underlining the support for our strategy and strong sector fundamentals.
“We are delighted that HSBC Bank and BNP Paribas have supported us in this financing and we look forward to developing these relationships and new ones with additional banks to provide further flexible liquidity as the company increases the size of its portfolio.”
HSBC will act as agent for the new facility. Lazard advised Tritax on sourcing the debt.
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