UK-based Warehouse REIT has sourced £65 million (€73 million) across two financing facilities from HSBC.
The company, which specialises in UK urban warehouses, has secured a £30 million, five-year loan at a reduced interest rate of 2.25 percent above Libor. The loan replaces £44.3 million of debt facilities from the same lender, and is secured against Warehouse REIT’s initial seed portfolio.
The second loan is a £35 million five-year revolving credit facility at an interest rate of 2.4 percent above Libor.
Both debt facilities will be used to fund pipeline acquisitions, Warehouse REIT said.
The company has recently closed three acquisitions, totalling £5.3 million. It has bought two separate assets, one in Stone, Staffordshire and the other in Carlisle, Cumbria and completed on a site acquisition in Banbury, Oxfordshire.
Warehouse REIT began trading in September following its IPO when it raised £150 million. The firm invests in warehouses in urban areas, tapping into growing demand for ‘last mile’ logistics.