The senior unsecured facility has an initial five-year term and can be extended by a further two years subject to lender approval.

This replaces existing €1bn and €600m facilities that were due to expire in 2027.

SEGRO also has a further €200m in bilateral revolving credit facilities due to mature in 2028 which are not affected by this transaction.

The banks that participated in this facility are Bank of China, Barclays, BNP Paribas, Lloyds, NatWest, Santander, SMBC and Wells Fargo.

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NatWest advised SEGRO, acting as sole coordinator on the deal.

“The support we have received by all of our existing relationship banks in extending the maturity of our core bank facilities on improved terms, underlines the continued confidence they have in the quality of our irreplaceable portfolio and our consistent strategy,” said Soumen Das, chief financial officer at SEGRO.

“The committed liquidity provided by this facility underpins the significant financial firepower that we have to fund future growth, particularly through the build out of our industrial, logistics and data centre development pipeline.”