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LXi REIT forward purchase of new Premier Inn
StockMarketWire.com
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LXi REIT has exchanged contracts to forward purchase the new Premier Inn hotel currently under construction at Wilson Street, Middlesbrough.
The purchase price is £6.2 million, reflecting a net initial yield of 5.1% (net of acquisition costs to the company). The company has paid the vendor a 10% deposit with the balance of the price to be paid on completion of the purchase.
Completion of the purchase will occur following practical completion of the building works, which is scheduled for December 2017.
The company is not assuming development risk or funding the construction works. The property has been fully pre-let to Premier Inn Hotels
Story provided by StockMarketWire.com
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