CTP announces the signing of a €1.3 billion Revolving Credit Facility
CTP, Europe’s largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), announces the successful signing of a 5-year €1.3 billion Revolving Credit Facility (“RCF”). The fully undrawn RCF serves as a back-up facility, and replaces CTP’s previous €550 million RCF, following the growth of the Company.
The RCF is sustainability-linked with the margin being adjusted subject to CTP achieving certain defined sustainability KPI’s, including the percentage of EPC certificates with grade “A” or better, the roll-out of solar PV, and the percentage of lettable area covered by Green Leases.
Richard Wilkinson, CTP’s Group CFO, says: “The new €1.3 billion RCF is materially increasing our liquidity position, supporting the financial stability and future growth of CTP. This also reflects that CTP has more than doubled the size of the portfolio since the IPO in March 2021, and our increased capital markets activities. We continue to strengthen the relationship with our key banking partners, with most of the existing RCF lenders increasing their exposure, while also attracting several new banks in the facility, broadening our lenders pool.”
The RCF syndicate includes 15 banks, with Citi and ING as Coordinators and Citi, ING and SMBC Group as Sustainability Coordinators.
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Image source: ctp.eu