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LXi REIT acquires three Priory Group care homes
StockMarketWire.com
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LXi REIT has acquired the freehold interest in two Priory Group care homes in Northern Ireland and exchanged contracts to acquire a third Priory Group care home for a total portfolio consideration of £14.9 million, reflecting a net initial yield of 6.5%, net of acquisition costs to the company.
The group said each of the properties was fully let or pre-let to companies within the Priory Group, a leading provider of mental health and elderly care services.
The Priory Group is ultimately owned by NASDAQ-listed Acadia Healthcare which has a market capitalisation of $4 billion and operates a network of over 570 facilities with over 17,000 beds. LXi REIT said the leases had a weighted average unexpired term of 29 years, without a break, and were subject to fixed annual rental uplifts of 2.5% p.a. compound.
At 9:34am: (LON:LXI) Lxi Reit Plc Ord 1p share price was -0.25p at 104p
Story provided by StockMarketWire.com
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