LXI REIT makes profitable disposal, acquires foodstore and industrial unit
LXI Reit
100.80p
16:34 05/03/24
Real estate investment trust LXI REIT revealed on Friday that it had made a number of transactions, disposing of one property and acquiring another two.
FTSE 250
19,824.16
16:59 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Real Estate Investment Trusts
2,241.92
16:59 26/04/24
LXI REIT disposed of a Saffron Walden property let to Premier Inn, B&M, Pure Gym, Pets at Home, and Costa, for £19.33m, which represents a 19% internal rate of return per annum.
The FTSE 250-listed firm also agreed to purchase an M&S Simply Food store and an MKM trade unit from separate developers for a combined £9.44m and a foodstore in Largs, North Ayrshire, by means of a pre-let forward funding transaction.
The latter acquisition will be made up of 13,450 square foot, has been fully pre-let to Marks & Spencer on a new, unbroken 15-year lease, with five-yearly rental uplifts at a fixed growth rate of 2.5% per annum compounded.
LXI REIT added that the balance of the sales proceeds will be invested into its accretive pipeline.