Tritax Big Box REIT has secured a new £400m unsecured revolving credit facility (RCF) with a syndicate of its existing relationship banks and new lenders.
The new RCF is available for general corporate purposes and is being used to refinance the company’s existing £300m RCF, which is due to mature in June 2026, as well as to support the company’s investment and development activities.
With an initial five-year term that may be extended to a maximum of seven years subject to lender consent, the new RCF also contains an uncommitted £200m accordion option.
The syndicate for the new RCF comprises ABN AMRO, Bank of America, Bank of China, London Branch, Barclays, BBVA, BNP Paribas, CaixaBank S.A. (UK Branch), JPMorgan Chase, Santander, SMBC BI, and The Royal Bank of Scotland International.
Alongside the new RCF, Tritax Big Box REIT has also refinanced its existing £150m bilateral Barclays facilities and a new bilateral term loan with Barclays. The term loan has a maturity of October 2027 and may be extended by up to a further three years subject to lender consent.
Frankie Whitehead, partner and CFO for Tritax Big Box REIT, said: “The new £400m RCF will increase available liquidity and supports our ongoing ability to execute our strategy, including our attractive logistics and data centre development opportunities whilst maintaining an average cost of debt in line with the level we reported at FY24. We are grateful for the continued support of our banking syndicate and the addition of three new lenders validates the quality of our investment portfolio and growth potential. Our strong balance sheet provides us with financial flexibility while our debt maturity profile remains well diversified by both source and by maturity.”
Barclays Bank acted as agent and documentation coordinator for the new RCF. The company was advised on the transaction by Lazard & Co.
