TRITAX BIG BOX REIT PLC
8 December 2014
TRITAX BIG BOX REIT PLC
(the "Company")
FINANCING OF D ISTRIBUTION WAREHOUSE IN MELMERBY, NEAR RIPON, NORTH YORKSHIRE LEASED TO WOLSELEY UK
Further to the acquisition of the distribution warehouse in Melmerby, near Ripon, North Yorkshirelet to Wolseley UK announced on 1 September 2014, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has signed an agreement with Santander UK plc to provide £5.5 million of senior debt financing secured on the asset. This reflects a loan to value ratio of approximately 43.4%.
The debt financing for the distribution warehouse is for a term of five years. T he blended margin payable across the Company's financings to date is approximately 1.76% above three month LIBOR. Following drawdown of the loan, the Group's aggregate borrowings will be 34.0% of the Group's gross assets.
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Tritax Big Box REIT plc is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies ("REIT"). The Company invests in a portfolio of well-located, modern "Big Box" assets, typically greater than 500,000 sq. ft., let to institutional-grade tenants on long-term leases (typically between 12 and 25 years in length) with upward-only rent reviews (giving inflation linked earnings growth), and with geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand in high growth areas of the economy and limited stock supply. The Company is the first listed vehicle to give pure exposure to the "Big Box" asset class in the UK.
Further information on Tritax Big Box REIT is available at www.tritaxbigboxreitplc.co.uk
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