Tritax Big Box agrees new £90m loan facility

Tritax Big Box said it had agreed a new long-term, interest only, fixed rate term £90m loan facility with PGIM Real Estate Finance.

The loan is secured against a portfolio of three standing assets and one forward funded asset.

The 10-year Facility, which will be drawn in full immediately, is repayable in March 2027 and has a fixed all-in rate payable of 2.54% per annum. The proceeds will be used to acquire further investments, Tritax said.

The facility extends the group's weighted average unexpired loan term from 4.7 years to 5.3 years. The group has a medium term loan to value target of up to 40%, although it is expected that the level will be maintained in the region of 30% to 35% in the short term.