UK lender Barclays has provided Tritax Big Box REIT with three new debt facilities totalling £85 mln (€110 mln) for the financing of three property purchases.
UK lender Barclays has provided Tritax Big Box REIT with three new debt facilities totalling £85 mln (€110 mln) for the financing of three property purchases.
Newly listed Tritax Big Box REIT will use the loans to finance the purchases of the Marks & Spencer distribution centre in Castle Donington, East Midlands (£49 mln facility) the Sainsbury’s distribution centre in Sherburn, North Yorkshire (£23.5 mln facility), and the Tesco distribution centre in Didcot (£12 mln facility).
'These are three key distribution facilities for Marks & Spencer, Sainsbury’s and Tesco in the UK and a shortage of large available units is driving strong growth prospects,' commented Colin Godfrey, partner at Tritax.
Matt Weaver, relationship director at Barclays Real Estate team, added: 'We are committed to further supporting the REIT with their future growth plans.'
Tritax Big Box REIT is a real estate investment trust which invests in Big Box assets, typically greater than 500,000 sq ft (46,451 m2), let to institutional-grade tenants on long-term leases.
The company - the first listed vehicle to give pure exposure to the Big Box asset class in the UK - listed on the Specialist Fund Market of the London Stock Exchange in December last year.