LXi continues deal spree with £57m purchases

LXi REIT has continued its run of acquisitions following its £250m capital raise earlier this month. The company has announced new deals valued at a combined £57m and reflecting an accretive 5.25% net initial yield. In Dundee, the REIT has bought a 77,000 sq ft office development through a forward funding deal. The building has been pre-let to BT on a 17.5-year lease, with five yearly CPI inflation linked rental uplifts capped at 3% per annum. The company has also bought five customer service, car storage and repair and maintenance facilities in Chertsey, Northampton, Newcastle, Carlisle and Cardiff, through a sale and leaseback with online car retailer Cazoo. Each property is let on an unbroken 20-year lease with five yearly CPI linked rental uplifts, capped at 4% per annum. These deals follow nine transactions struck earlier in the month after the equity raise.  The company says it has further deals in the legal stages. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews View the latest investment transactions and more on Radius Data Exchange