viewBank of Ireland

Warehouse REIT inks new £220mln credit facility

The syndicate of lenders was made up of HSBC, Barclays, Bank of Ireland and Royal Bank of Canada

Bank of Ireland -

Warehouse REIT PLC (LON:WHR), the AIM-listed specialist warehouse investor, has inked a new, £220mln, five-year debt facility.

It comprises a term loan of £157mln and a £63mln revolving credit line.

The syndicate of lenders was made up of HSBC, Barclays, Bank of Ireland and Royal Bank of Canada.

The new facility, which carries a ‘coupon’ of 2% above LIBOR, replaces one for £210mln provided solely by HSBC. The firm said it had made a saving of 14 basis points compared with the previous blended rate.

The REIT’s manager is Tilstone Partners. Its MD Andrew Bird said: "This long term facility, secured from a high quality club of lenders, further strengthens the company's balance sheet and provides greater flexibility to implement the active programme of portfolio management and take advantage of the attractive acquisition opportunities that the team continues to source in the market, underpinned by solid occupational demand.

“We now move forward with a highly competitive cost of debt and an attractive debt maturity profile."

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