LXi REIT has exchanged contracts on the pre-let forward funded acquisition of a new Premier Inn hotel in the East Midlands and has now fully deployed the net proceeds of its second equity issue of £60.2m of 12 Oct. The company said the total funding commitment was £6.9 million, reflecting a net initial yield of 5.20%, net of acquisition costs.
The property has been fully pre-let to Premier Inn Hotels.
The lease will run for a term of 25 years from completion of the building works, with no tenant break right.
The rent is subject to five yearly upward only reviews index-linked to the Consumer Prices Index (collared and capped at 0% p.a. and 4% p.a. compound).
At 9:35am: (LON:LXI) Lxi Reit Plc Ord 1p share price was +0.13p at 104.13p