Last checked at 
15 Jul 2022 07:00
15 July 2022
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
DEBT FINANCING UPDATE
Warehouse REIT, a specialist urban and 'last-mile' industrial warehouse investor, announces that to fund its acquisition of Bradwell Abbey Industrial Estate in Milton Keynes, as announced on 21 April 2022, it has drawn a further £63.0 million from its Revolving Credit Facility ("RCF") with its existing club of lenders comprising HSBC, Bank of Ireland, Royal Bank of Canada and Barclays.
The Company's debt facilities carry a cost of SONIA plus a lending margin. In addition to the drawdown above, the Company has also taken out two additional interest rate caps of £100.0 million each for three and five years respectively which serve to cap the SONIA rate in the Company's debt facilities at 1.5%. These are in addition to the two existing £30.0 million interest rate caps, the Company has in place, which expire in November 2022 and 2023 and have caps at SONIA rates of 1.50% and 1.75% respectively.
Following these amendments the Company has total debt facilities in place of £345.0 million, with a low Loan to Value ratio of 30.1% (calculated on 31 March valuations), the facility runs until January 2025, with an option to extend for a further two years. Circa 75% of this debt is now hedged against interest rate volatility.
-End-
Enquiries:
Warehouse REIT plc
via FTI Consulting
Tilstone Partners Limited
Andrew Bird, Paul Makin, Peter Greenslade
+44 (0) 1244 470 090
G10 Capital Limited (part of the IQEQ Group, AIFM)
Maria Glew
+44 (0) 207 397 5450
FTI Consulting (Financial PR & IR Adviser to the Company)
Dido Laurimore, Richard Gotla, Ellie Perham-Marchant
+44 (0) 203 727 1000 / WarehouseReit@fticonsulting.com
Further information on Warehouse REIT is available on its website:
http://www.warehousereit.co.uk
About Warehouse REIT
Warehouse REIT plc invests in and manages urban and 'last-mile' industrial warehouse assets.
Our purpose is to own and manage warehouses in economically vibrant urban areas across the UK, providing the space our occupiers need for their businesses to thrive.
As we grow, our vision is to become the UK's warehouse provider of choice.
The Company is listed on the Main Market of the London Stock Exchange and is an alternative investment fund ("AIF") for the purposes of the AIFM Directive and as such is required to have an investment manager who is duly authorised to undertake the role of an alternative investment fund manager. The Investment Manager is currently G10 Capital Limited.