Barclays has provided Tritax Big Box REIT plc with three new facilities for the financing of three property purchases, following the flotation of the REIT on the Specialist Fund Market of the London Stock Exchange in December last year.
The financing is across three special purpose vehicle subsidiaries of Tritax Big Box REIT plc and has been used to finance the purchases of the Marks & Spencer Distribution Centre, Castle Donington, East Midlands (£49.3 mln facility - approx. €60.54 mln) the Sainsbury’s Distribution Centre, Sherburn, North Yorkshire (£23.5 mln facility – approx. €28.9 mln), and the Tesco Distribution Centre, Didcot (£12.2 mln facility – approx. €15 mln)
The facilities have enabled Tritax to re-gear the initial property purchases and will help Tritax make further potential asset purchases to achieve their strategic growth ambitions.
Colin Godfrey, partner at Tritax, said: “Tritax is pleased to be working closely with Barclays, which is helping us to operate a flexible and attractive gearing strategy and deliver on our investment goals. These are three key distribution facilities for Marks & Spencer, Sainsbury’s and Tesco in the UK and a shortage of large available units is driving strong growth prospects. The Group intends to continue to operate a flexible gearing strategy with respect to individual assets.”
Matt Weaver, Relationship Director, Barclays Real Estate team, commented: “Our relationship with Tritax spans several years and our in-depth understanding of the REIT has enabled us to provide three finance facilities that met the Group’s strategic needs. We are committed to further supporting the REIT with their future growth plans.”