Taylor Wessing has represented Tritax Big Box REIT plc on its recent agreement on a £90m loan with PGIM Real Estate Finance to further fund asset acquisitions. The new long-term, interest only, fixed rate term loan is secured against a portfolio of three standing assets and one forward funded asset.

The 10-year facility, which will be drawn in full immediately, is repayable on 2 March 2027 and has a fixed all-in rate payable of 2.54% per annum. The facility maintains the Group’s weighted average margin payable across its facilities at 1.43% whilst reducing the weighted average capped cost of borrowing to 2.78% and it extends the Group’s weighted average unexpired loan term from 4.7 years to 5.3 years. The Group has a medium term loan to value target of up to 40%, although it is expected that the level will be maintained in the region of 30% to 35% in the short term.

The banking and finance team was led by Martin Yells and Christina Kelly with support from Caylie Maybour. The real estate team was led by Alan Evans and Jane Hilton with Jill Hamilton advising on construction.

Taylor Wessing advised Tritax on its IPO in December 2013 and all subsequent equity issuances, as well as its 38 property acquisitions and debt facilities totalling approximately £780 million (including the PGIM facility).