UK’s real estate investment company LXi REIT has purchased more six properties with a combined total consideration of 62.4 million pounds ($81 million), excluding costs.
LXi REIT has acquired five Travelodge budget hotels for a combined total consideration of $58.4 million. The company has also acquired an industrial facility in Newbury, Berkshire, which comprises a headquarters facility, operating as a mix of office, production and warehouse space totaling 101,377 square feet with extensive parking, for $22.2 million.
The transaction, which is highly accretive to the company’s existing portfolio yield and rent review profile, takes LXi REIT to full deployment of its recent $226.7 million equity raise.
Of the combined passing rents of the acquisitions, 100 percent are retail price index-linked, while the weighted average unexpired lease term to the first break of the acquisitions is 22.1 years. The weighted average net initial acquisition yield of the acquisitions is 5.7 percent.