Tritax Big Box REIT has won senior debt financing from Barclays Bank to secure a distribution centre in Derby.
The investor announced in December that it was acquiring Dove Valley Park which is leased to Kuehne & Nagel.
The debt financing for the distribution centre is for a term of four years, with an option to extend the term of the loan by up to one further year, exercisable prior to the end of year one, resulting in a maximum term of five years.
The facility had previously been agreed with Barclays Bank to the value of £13.2m, reflecting a loan to value ratio of approximately 43.2%.
The blended margin payable across the company’s financings to date is around 1.76% above three month LIBOR.
Following drawdown of the loan, the group’s aggregate borrowings will be 35.1% of the group’s gross assets.