LXi REIT ups fundraise to £250m

LXi REIT is doubling the target of the share issues it announced last month. The long-income REIT had planned to raise £125m through the placing of new shares but will now boost that to £250m. The REIT said it had made the decision after careful consideration of the strong level of support from investors, which it said already exceed the new £250m target, and the depth of its near-term acquisition opportunities pipeline. The firm said it had more than £350m of potential acquisitions in its sights. This is up from £272m of identified assets last month. LXi said the potential new properties benefitted from long-weighted average unexpired lease terms of more than 20 years and were diversified across a range of “defensive and structurally supported sub-sectors” and leased to a range of institutional-grade tenants with strong financial covenants. The new shares are scheduled to start trading from 14 February. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews