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LXi REIT acquires care home
StockMarketWire.com
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LXi REIT has exchanged contracts to acquire the Priory Care Home, Leeds, for £8.4m, reflecting a net initial yield of 6.3%, net of acquisition costs. LXi REIT said the property was fully let to Priory Elderly Care Limited and guaranteed by its parent company, Priory Investments Holdings Limited, a leading provider of mental health and elderly care services.
LXi REIT said the Priory Group was ultimately owned by NASDAQ-listed Acadia Healthcare which had a market capitalisation of $4bn and operated a network of over 570 facilities with more than 17,000 beds.
It said the lease had an unexpired term of just under 23 years (expiring in March 2040), without a break, and was subject to annual upward only rent reviews index-linked to the Retail Price Index (collared and capped at 2% p.a. and 5% p.a. compound).
It said the next rent review was due in March 2018.
At 9:10am: (LON:LXI) Lxi Reit Plc Ord 1p share price was 0p at 109p
Story provided by StockMarketWire.com
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