8th Jun 2023 15:32
LXi REIT PLC - London-based commercial real estate-focused investment trust - Sells a retail park in St Albans, England to an unnamed UK institution for GBP31 million, equating to a net initial yield of 4.7%. The property is let to B&Q Ltd, Aldi Ltd and Costa Coffee Ltd, and has a weighted average unexpired lease term of 18 years. LXi bought the property through a forward funded purchase for GBP24 million in 2019.
"The net sale proceeds are anticipated to be used to reduce leverage and, potentially, to be invested in the company's higher yielding pipeline," it adds.
Current stock price: 101.05 pence
12-month change: down 30%
By Sophie Rose, Alliance News reporter
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