LXi REIT acquires click & collect facility in Doncaster, two drive-thru coffee units in Edinburgh, Dumbarton

Fri, 14th May 2021

Real estate investment trust LXi REIT said it had acquired Cazoo click & collect facility in Doncaster and two additional drive-thru coffee units in Edinburgh and Dumbarton for a combined £6.1 million. The Cazoo click & collect facility in Doncaster is let to Cazoo, with just under 20 years unexpired until first break and benefits from RPI rental uplifts reviewed on a five yearly basis, collared at 1% pa and capped at 3% per year, the company said. The company also exchanged contracts on the pre-let forward funding of two additional drive-thru coffee units in Edinburgh and Dumbarton, to be developed for and pre-let to Costa on new, long term leases. The acquisitions benefit from 'an accretive average net initial yield of 5.75%, a long average unexpired lease term to first break of 18 years, are let to strong tenant covenants on sustainable rents, and 100% of the income is index-linked to RPI inflation through contractual rental uplifts,' the company said. Story provided by StockMarketWire.com

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