29th Mar 2021 09:19
(Alliance News) - LXi REIT PLC on Monday announced it has acquired seven long-income stores in the grocery sector from six vendors for GBP85 million.
The London-based real estate investment trust said the stores include Lidl and Tesco PLC supermarkets in London, an Asda Stores Ltd supermarket in Glasgow, Scotland, and an Aldi UK and adjoining Home Bargains store in Denbighshire, Wales. Co-op Food stores in Leicestershire, Wiltshire and Oxfordshire were also acquired.
LXi REIT said the acquisitions have an average net initial yield of 2.3% and a long average unexpired lease term to first break of 19 years. The purchase consideration represents 70% of the net proceeds of a GBP125 million capital rise which took place earlier this month.
"Following these acquisitions, food stores will be our largest sector exposure representing approximately 25% of our portfolio by value," said LXI REIT Advisors Partner Simon Lee.
Shares in LXi REIT were up 0.7% at 122.40 pence in London on Monday.
By Zoe Wickens; [email protected]
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