LXI acquires four new assets with funds from new Scottish Widows loan facility
Real estate investment trust LXI has utilised its new 15-year Scottish Widows loan facility to fund the acquisition of four new assets.
LXI exchanged contracts to provide £6.6m in forward funding for the development of a 70-bedroom Travelodge hotel in Gosport, Hampshire and has also agreed to forward purchase an in-development Lidl footsore in Andover, Hampshire for £8.5m.
Elsewhere, LXI has acquired a local government let office near Glasgow for £6.8m, as well as a new gym facility in Norwich for £2.5m.
LXI also revealed on Monday that it had disposed of a portfolio of 11 supported living properties in Lancashire, Yorkshire, Merseyside and Kent for £10.9m.
LXI partner John White said: "We are pleased to have completed these profitable disposals and accretive acquisitions."
"These new investments provide attractive income and growth potential, underpinned by long-term, index-linked leases and the strong covenants of Lidl, Travelodge, Pure Gym and local government."
As of 1300 GMT, LXI shares had dipped 0.61% to 121.26p.