Tritax EuroBox PLC EUR125m incremental increase in bank facility (0418O)
30 Settembre 2019 - 8:01AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 0418O
Tritax EuroBox PLC
30 September 2019
30 September 2019
TRITAX EUROBOX PLC
(the "Company")
EUR125 MILLION INCREMENTAL INCREASE IN BANK FACILITY
The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE
(Euro)), which invests in Continental European logistics real
estate assets, is pleased to announce it has agreed a EUR125
million increase to its existing EUR300 million unsecured revolving
credit facility.
Bank of China has agreed to provide a new EUR100 million
commitment to the enlarged facility and Banco Sabadell has agreed
to provide a new EUR25 million commitment, alongside existing
lenders Bank of America Merrill Lynch, HSBC and BNP Paribas.
This increase is on the same terms as the existing facility,
with an opening margin of 1.55% and a maturity date of October 2023
which can be extended, subject to lender support, by two further
years. EUR235.5m million of the facility is currently drawn.
The loan to value ratio ("LTV") of the Company's portfolio is
now approximately 36% against a medium-term LTV target of 45%.
The Company was advised on the financing by Lazard & Co.,
Limited.
Mehdi Bourassi, Finance Director for Tritax EuroBox plc,
commented:
"We are delighted that Bank of China and Banco Sabadell have
joined our existing banking syndicate in supporting us through the
next phase of our financing strategy. The increased commitment will
provide additional flexible liquidity to pursue investment
opportunities in our pipeline and grow our portfolio in line with
the Company's investment strategy.
This incremental increase in our bank facility and these two
additions to our relationship lender group underline the strength
of support for the Company and our growth strategy as well as the
robust fundamentals of the Continental European logistics real
estate sector."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group +44 (0) 20 7290 1616
Nick Preston
James Dunlop
Mehdi Bourassi
Jefferies International Limited +44 (0) 20 7029 8000
Gary Gould
Stuart Klein
Kempen & Co N.V. +31 (0) 20 348 8500
Dick Boer
Thomas ten Hoedt
Maitland/AMO (Communications
Adviser) +44 (0) 20 7379 5151
James Benjamin tritax-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
NOTES:
Tritax EuroBox plc invests in and manages a well-diversified
portfolio of well-located Continental European logistics real
estate assets that are expected to deliver an attractive capital
return and secure income to shareholders. These assets fulfil key
roles in the logistics and distribution supply-chain focused on the
most established logistics markets and on the major population
centres across core Continental European countries.
Occupier demand for Continental European logistics assets is in
the midst of a major long-term structural change principally driven
by the growth of e-commerce. This is evidenced by technological
advancements, increased automation and supply-chain optimisation,
set against a backdrop of resurgent economic growth across much of
Continental Europe.
The Company is targeting, on a fully invested and geared basis,
an initial Ordinary Share dividend yield of 4.75% p.a.(1) , which
is expected to increase progressively through regular indexation
events inherent in underlying lease agreements, and a total return
on the Ordinary Shares of 9.0% p.a.(1) over the medium-term. The
Company pays dividends on a quarterly basis with shareholders able
to receive dividends in Sterling or Euro.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
1. Euro denominated returns, by reference to IPO issue price.
These are targets only and not profit forecasts. There can be no
assurances that these targets will be met and they should not be
taken as indications of the Company's expected or actual future
results.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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