25th Jun 2019 13:55
(Alliance News) - LXi REIT PLC on Tuesday said it has made a number of acquisitions for a total combined investment of GBP135 million for an average net initial yield of 5.7% net of costs.
The acquisitions were made from separate vendors on an individual basis.
The real estate investment trust has acquired, through forward funding, a food store which has been pre-let to Aldi Stores Ltd on an unbroken 25-year lease.
Also through pre-let forward funding, LXi has acquired a Travelodge hotel and Costa Coffee shop in Cumbria, also on an unbroken 25-year lease.
On a sale and leaseback basis, LXi has acquired seven Q-Park car parks in city centres in London, Edinburgh, Glasgow, Manchester, York, and Sheffield. These have been leased back to Q-Park on new, unbroken 35-year leases.
LXi also acquired an Eddie Stobart distribution facility in Staffordshire with an unbroken 20-year lease and 14 Greene King PLC pubs in Lancashire, Yorkshire, Staffordshire, Newcastle, County Durham, Cheshire, and Manchester. The pubs have been let with a 15-year unexpired and unbroken lease.
Lastly, the company acquired a garden centre in West Yorkshire which has been leased back to Dobbies Garden Centres Ltd on a new, unbroken 30-year lease.
"We are pleased to have swiftly and carefully deployed GBP135 million of the net proceeds of our recent GBP200 million capital raise in secure, long-let and index-linked assets. We look forward to investing the balance in short order from our advanced pipeline of additional assets, which are expected to deliver further value for our shareholders," said John White, partner of LXi REIT Advisors Ltd.
Shares in LXi REIT were up 0.5% at 127.00 pence on Tuesday afternoon.
Related Shares:
LXI.L