16th Dec 2021 14:38
(Alliance News) - LXi Reit PLC said on Thursday it has acquired a long-let property valued at GBP58.9 million by estate agent and residential and commercial property consultant Knight Frank LLP.
The London-based real estate investment trust said the acquisition was made by the issue of 35.7 million shares, equating to 88% of the independently valued price, at an issue price of 145 pence per share.
A further GBP7.0 million in cash, equating to 12% of the independently valued price, would also be made.
The consideration represents a net initial yield of 4.9% which is expected to rise to 5.7% at the next inflation-linked rent review in 2025.
The property comprises 127,000 square feet of built area in Middlesbrough, along with 850 car parking spaces and petrol filling station. It is fully let to Sainsbury's Supermarkets Ltd, part of J Sainsbury PLC, with 19 years unexpired to first break.
Shares in LXi Reit were down 1.0% at 145.19 pence on Thursday in London.
By Heather Rydings; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Sainsbury's