| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
LXi REIT to acquire Travelodge hotel at Haverhill
StockMarketWire.com
|
LXi REIT has exchanged contracts to acquire the Travelodge hotel at Haverhill, Essex, and completed on the pre-let forward funded purchase of the Travelodge, Starbucks and Greggs bakery development at Melksham, near Bath, the exchange of which was announced on 10 March.
It said both acquisitions were being funded from equity resources, with senior debt finance expected to be introduced in the near term.
It said : "The purchase price for the Haverhill Property is £5.5 million (excluding purchaser's costs), reflecting a net initial yield of 5.92% on the asset acquisition.
"The hotel is fully let to Travelodge Hotels Limited, the principal trading company of the Travelodge group, the UK's largest independent hotel brand, with more than 520 hotels and over 38,000 guest bedrooms, across the UK, Ireland and Spain.
"The Travelodge lease has an unexpired term of over 24 years (expiring in July 2041), without a break, and is subject to five yearly upward only rent reviews index-linked to the Retail Price Index (collared and capped at 1% p.a. and 4% p.a. compound)."
Story provided by StockMarketWire.com
|
|
|
|
|
|
