Developer Panattoni has secured a £625 million development loan facility, which it says will support its ‘strategic growth in the UK to invest in speculative development’.
The loan facility facility was arranged by JP Morgan with a syndicate of lenders, and is extendable for up to five years, Panattoni has confirmed.
Matthew Byrom, managing director at Panattoni, commented: “This new £625m facility allows us to continue our ambitious growth plans for the UK and helps us support our partners in building best-in-class assets.
“We are keen to grow our pipeline of buy and build development and are seeing an unprecedented number of compelling opportunities in which we’d like to invest”.
Oliver Choppin, finance director at Panattoni, added: “Our decision to pursue a flexible revolving credit facility provides us the ability to access capital quickly and allows us the agility to close on new investments without complication.
“We are appreciative of the support provided by the lending groups involved, particularly at this challenging time.”
This news comes shortly after Panattoni’s announcement of the completion of its 80,000ft² last-mile logistics development near Heathrow Airport.
Panattoni acquired several new sites in 2024, adding a further 2 million ft² of industrial space, in addition to its current spec-build programme, where it is committed to the build out of 3 million ft².
