Panattoni secures £625 million development loan for UK expansion

by   CIJ News iDesk III
2024-09-24   09:28
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Panattoni has secured a £625 million development loan facility to fuel its ambitious growth plans across the UK. The funding will enable the company to invest in speculative developments, particularly targeting areas where there is a shortage of industrial space.

“This new £625 million facility allows us to continue our ambitious growth plans for the UK and support our partners in building best-in-class assets,” said Matthew Byrom, Managing Director at Panattoni. “We’re excited to expand our pipeline of buy-and-build developments and are seeing an unprecedented number of compelling opportunities that we are eager to explore.”

Oliver Choppin, Finance Director at Panattoni, highlighted the strategic benefits of the revolving credit facility: “Our decision to pursue a flexible revolving credit line provides quick access to capital, giving us the agility to close on new investments without delay. We are grateful for the backing from the lending groups, particularly given the challenging market conditions.”

The new loan will enhance Panattoni’s ability to meet the growing demand for speculative warehousing. In 2024, the company acquired multiple new sites, adding an additional 2 million square feet of industrial space to its portfolio. This expansion is part of a broader commitment to develop 3 million square feet of spec-build industrial projects already underway.

The facility, arranged by JP Morgan and a syndicate of lenders, offers flexibility with a term extendable up to five years, positioning Panattoni for continued growth in the UK market.

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