Appleby acted as Jersey counsel to Tritax Big Box REIT plc (Tritax) in connection with a group restructuring and subsequent refinancing of existing debt.
Tritax consolidated approximately £250 million of existing debt into one facility agreement before undergoing a restructuring that introduced two further Jersey holding companies into the group structure. Following the restructuring Tritax entered into a new five year £500 million secured debt facility with a syndicate of four lenders: Barclays Bank PLC, Helaba, Wells Fargo Bank, N.A. and ING Real Estate Finance (UK) B.V.
The Appleby cross-border team was led by corporate partner Andrew Weaver and assisted in Jersey by senior associate Danny Cole and associate Kevin McQuillan. Other Appleby team members included Chet Pohl in Guernsey, Andrew Jowett in BVI and Camilla Griffiths in Isle of Man.
Commenting on the transaction, Andrew Weaver said: “We are very pleased to have supported Tritax in this significant transaction, having advised them previously in a number of our jurisdictions. Our multi-jurisdictional teams operated together to give a seamless solution to meet the cross-border requirements of our client.”
The Appleby team worked closely with the Taylor Wessing corporate, tax, finance and real estate teams who acted for Tritax.