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LXi REIT sells three assets for £17m, acquires two assets in food stores for £15m
StockMarketWire.com
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LXi REIT said it had sold three assets for £17 million, acquired two assets in the foodstore sector for £15 million.
The acquisitions reflected a blended net initial yield of 5.5%.
The foodstore in West Bridgford, Nottinghamshire, had been fully pre-let to Lidl on a 25-year lease, with five yearly rental uplifts in line with annually compounded RPI inflation capped at 3% per year and collared at 1% per year.
The acquisition of Aldi foodstore in Lytham St Annes, meanwhile, was fully let to Aldi Stores, with over 18 years unexpired to first break and benefits from five yearly fixed uplifts of 2.5% per annum compounded.
'This capital recycling reflects the company's continuing, but selective, expansion into the foodstore sector, with a particular focus on right-sized stores acquired off-market at attractive yields and let or pre-let to strong tenants on low, sustainable rents,' the company said.
The disposals included an office in Glasgow, 11 social housing assets and a plot adjacent to its Travelodge hotel in Llanelli.
At 10:06am: (LON:LXI) Lxi Reit PLC share price was +3.5p at 109.5p
Story provided by StockMarketWire.com
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