Tritax Big Box REIT has successfully priced £300m of unsecured bonds maturing on 12 November 2032 under the company’s £1.5bn euro medium term note programme.
The 2032 notes will have a tenor of seven years and an interest rate of 4.75%, priced at 85 basis points over the seven-year benchmark gilt. The company’s pro-forma weighted average cost of debt will be 3.7% and the pro-forma weighted average debt maturity will increase to 4.3 years.
In parallel, Tritax has initiated a tender offer to repurchase any and all of its outstanding £250m 2.625% unsecured bonds due 14 December 2026. The tender offer was launched on 3 November 2025 and the deadline for receipt of tender instructions from noteholders is expected to expire at 4pm on 10 November 2025.
Frankie Whitehead, CFO of Tritax Big Box REIT, said: “We are delighted with the strong investor demand for our latest bond issuance, which validates the market’s confidence in our strategy and financial policies. The successful issuance, following on from our recent upgrade to A3, allows us to secure attractive long-term financing at a competitive cost. This transaction further strengthens our balance sheet, extends our debt maturity profile, and enhances our financial flexibility to continue executing on our growth strategy.”
ABN AMRO, BNP PARIBAS and NatWest were active bookrunners in connection with the 2032 notes. Lazard & Co provided advice to the company in relation to the financing transaction.
