Tritax EuroBox PLC EUR125m incremental increase in bank facility (0418O)

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                       [phone] 
 Nick Preston 
  James Dunlop 
  Mehdi Bourassi 
 
 Jefferies International Limited    [phone] 
 Gary Gould 
  Stuart Klein 
 
 Kempen & Co N.V.                   [phone] 
 Dick Boer 
  Thomas ten Hoedt 
 
 Maitland/AMO (Communications 
  Adviser)                          [phone] 
 James Benjamin                     [e-mail] 
 

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.

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September 30, 2019 02:01 ET (06:01 GMT)