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Tritax EuroBox Plc - €500m Debut Green Bond Issuance Supporting Sustainability Strategy and Vision

Tritax EuroBox today announces the pricing of €500 million of senior unsecured green bonds maturing on 2 June 2026 (the 2026 Notes). The 2026 Notes were significantly oversubscribed, having generated substantial institutional demand following a series of fixed income investor meetings.

27 May 2021

Further strengthening the balance sheet
The 2026 Notes will have a tenor of 5 years and an annual coupon of 0.95%. The issue will significantly reduce the Company’s cost of debt and represents the first step in the Company diversifying its funding sources into the debt capital markets. The 2026 Notes are rated BBB- (Stable) by Fitch Ratings and are expected to (i) be issued on 2 June 2021 upon the satisfaction or waiver of customary conditions precedent and (ii) be admitted to the Irish Stock Exchange’s Official List and to trading on the Global Exchange Market of the Irish Stock Exchange upon issue.

Underpinning the Company’s sustainability strategy and vision                      
The net proceeds from the 2026 Notes will be used by the Company to finance and/or refinance, in whole or in part, a portfolio of eligible assets as outlined in the Green Finance Framework (the Framework), as announced on 18 May 2021 and available on the Company’s website. This will include standing assets as well as contributing to the funding of the Company’s extensive pipeline of new developments and acquisitions.

The Company’s vision for sustainability is to demonstrate leadership in sustainable logistics real estate, working in collaboration with stakeholders to create positive change and value in the long term. Using the proceeds of the 2026 Notes for Eligible Green Projects demonstrates the Company’s comprehensive commitment to this vision, with its new developments and acquisitions expected to be best-in-class, sustainable, net zero carbon buildings, and to be certified as BREEAM “Very Good” or DGNB “Gold” (or equivalent).

Mehdi Bourassi, Finance Director for Tritax EuroBox plc, commented: “Earlier this year we were awarded a BBB- rating by Fitch reflecting the Company’s high-quality portfolio of big-box real-estate assets and their long-term, inflation-indexed leases. We are delighted to have achieved this next step in the Company’s evolution. Across our portfolio, we see significant opportunities to reduce environmental impact, benefitting all our stakeholders. In addition to supporting these objectives, the Green Bond represents attractively priced financing, diversifying our funding sources, significantly reducing our cost of debt and further strengthening our balance sheet.”

Helen Drury, Sustainability Lead for Tritax Group, commented: “We are making significant progress in enhancing the sustainability of our portfolio for the benefit of all our stakeholders. We have the opportunity to make a significant and positive contribution to improving the environmental impact of the logistics real estate and construction sectors. Initiatives that deliver best in class sustainable developments, reduce carbon emissions and support energy efficiency will be supported by the proceeds from our first Green Bond”.

BNP Paribas and BofA Securities (acting as Active Bookrunners) and Bank of China (Acting as Passive Bookrunner) were mandated in connection with the 2026 Notes.

The Company was advised on the financing transaction by Lazard & Co., Limited.

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Tritax Eurobox Plc 500 Million Debut Green Bond Issuance
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