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(Alliance News) - LXi REIT PLC on Monday announced the acquisition of nine assets for GBP87 million in total, at a net initial yield of 5.1% and funded by last week's GBP250 million raise.
The long income real estate investment trust purchased three Co-Op group convenience stores in Norwich, Aston and Washington, Tyne and Wear, which will all have a new 20-year lease to Co-operative Food Group Ltd.
LXi has also bought a health and racquets club in Hamilton, which is let to David Lloyd Leisure Ltd and extends to 100,000 square feet with 333 parking spaces.
It has also purchased a two-storey car park incorporating 385 spaces in York, a 44 bedroom Premier Inn hotel in Exeter and a Compass training facility in Milton Keynes, leased to Compass Group Holdings PLC.
LXi has also acquired a car storage, repair and maintenance facility in Edinburgh, through a sale and leaseback deal with NYSE-listed Cazoo Group Ltd. Finally, the company has bought a Sainsbury's convenience store in Bewdley, through a pre-let forward funding deal.
Shares in LXi REIT were down 0.4% at 141.67 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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