Tritax Big Box has secured a £90m long-term interest-only loan facility from PGIM Real Estate Finance.
The 10-year facility, secured against three standing assets and one forward-funded asset, has a fixed rate of 2.54% pa and will be used for upcoming investments.
It will extend the company’s weighted average unexpired loan term from 4.7 to 5.3 years. Its weighted average capped cost of borrowing fell to 2.78%.
Colin Godfrey, partner at Tritax, said: “This facility provides further attractive, long-term, fixed-rate debt financing while further diversifying our borrowing with a strong global lender in logistics, which has the capacity to participate in our growth plans.”
PGIM Real Estate Finance acted as agent and security agent.
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