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LXi REIT acquires hotel for £18.53m
StockMarketWire.com
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LXi REIT has acquired the Cambridge Belfry Hotel at Cambourne, Cambridgeshire, for £18.53m, reflecting a net initial yield of 6.1% on the asset acquisition (net of acquisition costs).
LXi REIT said the property was fully let to Marstons Hotels Limited and guaranteed by its parent, QHotels Holdings Limited.
LXi REIT said the lease had an unexpired term of over 22 years (expiring in May 2039), without a break, and was subject to five yearly upward only rent reviews index-linked to the Consumer Price Index (collared and capped at 1% p.a. and 4% p.a. compound).
The next rent review was due in June 2019.
LXi REIT also announced that it had now also completed on the acquisition of the Q-Park car park at Rockingham Street, Sheffield, the exchange of which was announced on 10 March.
At 9:04am: (LON:LXI) Lxi Reit Plc Ord 1p share price was -0.25p at 105.75p
Story provided by StockMarketWire.com
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