Tritax prices £250m of unsecured green bonds

Real estate investment trust Tritax Big Box has priced £250.0m of unsecured green bonds maturing on 27 November 2033 under its £1.5bn Euro medium-term not programme following a series of fixed income investor meetings.

Tritax said on Monday that the 2033 notes would have a tenor of 13 years and an interest rate of 1.5%, reducing its consolidated pro-forma capped cost of debt to 2.5%, while the pro-forma average duration of its debt would increase from 6.7 years to 7.5 years.

The FTSE 250-listed firm will use the proceeds of the notes to finance or refinance new or existing green projects and contribute towards the funding of its "extensive pipeline of new developments".

Finance director Frankie Whitehead said: "Earlier this year we launched our bold and ambitious vision and strategy for sustainability with a view to demonstrating leadership in sustainable logistics.

"Across our portfolio, we see significant opportunities to reduce environmental impact, benefitting all of our stakeholders. In addition to supporting these objectives, the Green Bond represents attractively priced, long-dated financing, further strengthening our balance sheet."

As of 0825 GMT, Tritax shares were up 0.43% at 163.60p.