Panattoni has closed a £625m development loan facility to support the company’s strategic growth in the UK.
The developer said the loan would enable it to commence speculative construction of a new wave of warehousing in undersupplied areas.
The facility was arranged by JP Morgan with a syndicate of lenders and is extendable for up to five years.
Matthew Byrom, managing director at Panattoni, said: ”This new £625m facility allows us to continue our ambitious growth plans for the UK and to support our partners in building best-in-class assets. We are keen to grow our pipeline of buy and build development and we are seeing an unprecedented number of compelling opportunities in which we’d like to invest.”
Oliver Choppin, finance director at Panattoni, added: “Our decision to pursue a flexible revolving credit facility gives us the ability to access capital quickly and allows us the agility to close on new investments without complication. We are appreciative of the support provided by the lending groups involved, particularly at this challenging time.”
