LXi sells in Saffron Walden and buys in Scotland

LXi REIT has sold a Premier Inn-anchored retail park in Saffron Walden, Essex, for £19m and bought a Marks & Spencer-anchored scheme in Ayrshire for £9m. The REIT said it had sold the Saffron Walden site, which is also let to B&M, Pure Gym, Pets at Home and Costa, after receiving an unsolicited approach from a UK pension fund. LXi has also exchanged contracts to purchase two development sites in Largs, North Ayrshire, for £9.44m. The 13,450 sq ft supermarket – bought through a prelet forward funding deal – has been fully prelet to M&S on a new, unbroken 15-year lease. The 15,250 trade unit is a builders’ merchant facility constructed this year and fully let to MKM Building Supplies on a long lease, with 20 years unexpired to first break. Both acquisitions benefit from strong ESG credentials, including an EPC A rating and rooftop solar panelling at the MKM unit, and the M&S Simply Food development is also targeting an EPC A rating. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews