LXI REIT has agreed a forward purchase of a Premier Inn in Middlesbrough for £6.2m – a net initial yield of 5.1%.
LXI has paid a 10% deposit, with the balance to be paid upon practical completion.
The hotel is under construction at Wilson Street and is scheduled for completion in December. It is fully pre-let to Premier Inn Hotels on a 25-year lease and five-yearly upward-only rent reviews linked to CPI.
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Including:
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