Tritax Big Box REIT has agreed terms to extend the maturity of its £50.9m loan facility secured on food retailer Ocado’s new 563,000 sq ft automated distribution centre in Kent.
The three-year loan extension has been secured with Landesbank Hessen-Thüringen Girozentrale (“Helaba”) from July 2020 to July 2023.
Including the facility, the blended margin payable across the company’s financings will be 1.4% above three-month Libor.
When taking into account the company’s hedging arrangements, the all-in capped cost of borrowing is 2.9%.
The company has 99.7% of its drawn debt subject to hedging arrangements.
Developed by Bericote Properties, the distribution centre in Crossdox, Erith, is Ocado’s fourth customer fulfillment centre, with capacity to handle in excess of 200,000 orders per week.
