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LXi REIT acquires hotel and restaurants in Suffolk
StockMarketWire.com
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LXi REIT has exchanged contracts to acquire the Travelodge hotel and Burger King and Little Chef restaurants at Needham Market service station, Ipswich, Suffolk.
The purchase price for the property is £5.0 million, reflecting a net initial yield of 6.12% on the asset acquisition (net of acquisition costs).
The hotel and both restaurants are fully let to Travelodge Hotels Limited.
The lease has an unexpired term of over 20 years (expiring in October 2037), without a break, and is subject to five yearly upward only rent reviews index-linked to the Retail Prices Index, with a high collar and cap of 3% p.a. and 7.5% p.a. compound.
The next rent review is due in January 2020.
Story provided by StockMarketWire.com
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