Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksLXI.L Share News (LXI)

  • There is currently no data for LXI

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Travelodge CVA seeks significant rent reductions from Secure Income Reit

Thu, 04th Jun 2020 13:13

(Sharecast News) - Travelodge is seeking temporary rent reductions of nearly 70% from Secure Income Reit, the budget hotel chain's largest landlord confirmed on Thursday.
Travelodge, which has more than 560 hotels, is locked in an increasingly bitter row with its 135 landlords. The chain was forced to it close its doors because of lockdown measures introduced to tackle the Covid-19 outbreak and has refused to pay its second quarter rent bill.

Its landlords, however, argue that it has funds, and have accused it of using the pandemic to reduce costs it can otherwise afford. Travelodge is owned by Goldman Sachs as well as US hedge funds Golden Tree Asset Management and Avenue Capital.

Secure Income said at the time that the missed second quarter rent payment accounted for 6.4% of its annual rental income.

Travelodge now intends to force through a rent reduction via a creditors voluntary agreement, a form of bankruptcy that must be agreed with creditors. CVAs are traditionally used by struggling retailers to close shops. However, Travelodge does not plan to close any hotels.

Aim-listed Secure Income said on Thursday that if the CVA was approved, it would result in an estimated short-term aggregate reduction in rent of £23.4m, "equivalent to a total of 10 months' rent spread for two years across SIR's entire 123 hotel Travelodge portfolio".

It continued: "The proposed rent reductions would represent 67.7% of rents otherwise receivable from Travelodge from 1 April to 31 December 2020, and 26.1% throughout 2021."

Fellow listed fund LXi Reit, which owns 12 hotels either let or pre-let to Travelodge, also updated investors on the CVA on Thursday. It said that assuming it does not forfeit the leases, the CVA would result in a 4.6% reduction in annual contracted rent in the year to March 2021, and a 2.9% reduction in the following year.

Neither Secure Income nor LXi have decided if they will back the CVA.

Under the timetable set out by the CVA, creditors will be able to vote on 17 June ahead of a creditors meeting on 19 June.
More News
29 Feb 2024 21:44

IN BRIEF: Hollywood Bowl to replace LXi REIT in FTSE 250

Hollywood Bowl Group PLC - Hemel Hempstead, England-based ten-pin bowling centre operator - To be added to FTSE 250 index with effect March 5, replacing outbound LXi REIT PLC, FTSE Russell says. On Tuesday, commercial real estate investment trust LXi REIT said shareholders backed its tie-up with LondonMetric Property PLC. The merger will see LondonMetric takeover LXi REIT, whose shareholders will receive 0.55 of a new LondonMetric share for each LXi REIT share that they own. LondonMetric shareholders will own 54% of the enlarged company and LXi holders the remaining 46%.

Read more
29 Feb 2024 10:18

IN BRIEF: LXi REIT completes Travelodge hotels sale for GBP210 million

LXi REIT PLC - London-based commercial real estate investment trust - Says that it has now completed the sale of 66 Travelodge-branded hotels to the Travelodge Group for GBP210 million. On January 8, LXi REIT said it had exchanged contracts for the sale of the hotels, in order to use the proceeds to help the company's debt position. Proceeds from the sale, which is scheduled for completion on February 28, will be used to pay down debt. LXi said that the sale will reduce the group's loan-to-value to 34% from 38%, while reducing Travelodge's proportion of group rent to 11% from 18%.

Read more
27 Feb 2024 21:10

IN BRIEF: LXi REIT shareholders back LondonMetric tie-up

LXi REIT PLC - London-based commercial real estate investment trust - All share merger with LondonMetric Property PLC approved at court and general meetings. Just under 100% vote in favour at general meeting and just 95% at court meeting. The merger will see LondonMetric takeover LXi REIT, whose shareholders will receive 0.55 of a new LondonMetric share for each LXi REIT share that they own. LondonMetric shareholders will own 54% of the enlarged company and LXi holders the remaining 46%. The merger will create a combined company with EPRA net tangible assets of GBP4.1 billion, which the pair last month said will make it the fourth-largest UK REIT.

Read more
23 Feb 2024 12:27

UK dividends calendar - next 7 days

Monday 26 February 
Dewhurst Group PLCdividend payment date
JPMorgan Mid Cap Investment Trust PLCdividend payment date
Tuesday 27 February 
JPMorgan UK Smaller Cos Investment Trust PLCdividend payment date
Wednesday 28 February 
Canadian General Investments Ltdex-dividend payment date
CQS New City High Yield Fund Ltddividend payment date
PetroTal Corpex-dividend payment date
Thursday 29 February 
abrdn Equity Income Trust PLCex-dividend payment date
Alliance Trust PLCex-dividend payment date
Ashmore Group PLCex-dividend payment date
Balanced Commercial Property Trust Ltddividend payment date
Bankers Investment Trust PLCdividend payment date
Barclays PLCex-dividend payment date
Brunner Investment Trust PLCex-dividend payment date
City of London Investment Group PLCex-dividend payment date
City of London Investment Trust PLCdividend payment date
Compass Group PLCdividend payment date
Custodian Property Income REIT PLCdividend payment date
Diageo PLCex-dividend payment date
Diverse Income Trust PLCdividend payment date
Diversified Energy Co PLCex-dividend payment date
Downing Renewables & Infrastructure Trust PLCex-dividend payment date
Driver Group PLCex-dividend payment date
Dunedin Income Growth Investment Trust PLCdividend payment date
Ecofin Global Utilities & Infrastructure Trust PLCdividend payment date
EJF Investments Ltddividend payment date
Fair Oaks Income Ltdex-dividend payment date
Fair Oaks Income Ltd Realisation ex-dividend payment date
Gabelli Merger Plus+ Trust PLCex-dividend payment date
Genus PLCex-dividend payment date
Greencoat UK Wind PLCdividend payment date
Hargreaves Lansdown PLCex-dividend payment date
Hays PLCex-dividend payment date
Henderson International Income Trust PLCdividend payment date
HICL Infrastructure PLCex-dividend payment date
JLEN Environmental Assets Group Ltdex-dividend payment date
LondonMetric Property PLCex-dividend payment date
MJ Gleeson PLCex-dividend payment date
Mobeus Income & Growth 2 VCT PLCex-dividend payment date
NB Private Equity Partners Ltddividend payment date
North Atlantic Smaller Cos Investment Trust PLCex-dividend payment date
Picton Property Income Ltddividend payment date
Plus500 Ltdex-dividend payment date
Polar Capital Global Financials Trust PLCdividend payment date
Polar Capital Global Healthcare Trust PLCdividend payment date
Regional REIT Ltdex-dividend payment date
Riverstone Credit Opportunities Income PLCex-dividend payment date
Scottish American Investment Co PLCex-dividend payment date
Sequoia Economic Infrastructure Inc Fund Ltddividend payment date
SSP Group PLCdividend payment date
Sylvania Platinum Ltdex-dividend payment date
Taylor Maritime Investments Ltddividend payment date
Tharisa PLCex-dividend payment date
UK Commercial Property REIT Ltddividend payment date
VH Global Sustainable Energy Opportunities PLCex-dividend payment date
VPC Specialty Lending Investments PLCex-dividend payment date
Warehouse REIT PLCex-dividend payment date
Wilmington PLCex-dividend payment date
Friday 1 March 
AEW UK REIT PLCdividend payment date
Alternative Income REIT PLCdividend payment date
Atrato Onsite Energy PLCdividend payment date
Carr's Group PLCdividend payment date
CC Japan Income & Growth Trust PLCdividend payment date
CVC Income & Growth Ltd (EUR)dividend payment date
CVC Income & Growth Ltd (GBP)dividend payment date
Gabelli Merger Plus+ Trust PLCdividend payment date
ICG Enterprise Trust PLCdividend payment date
IG Group Holdings PLCdividend payment date
JPMorgan China Growth & Income PLCdividend payment date
JPMorgan Claverhouse Investment Trust PLCdividend payment date
LXi REIT PLCdividend payment date
Pollen Street PLCdividend payment date
TwentyFour Select Monthly Income Fund Ltddividend payment date
UK Commercial Property REIT Ltddividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
12 Feb 2024 08:23

TOP NEWS: FTSE 250 property firms agree merger in latest consolidation

(Alliance News) - Tritax Big Box REIT PLC on Monday said UK Commercial Property REIT Ltd has agreed to an all-share takeover offer to create the UK's fourth largest real estate investment trust by market capitalisation, at nearly GBP4 billion.

Read more
6 Feb 2024 19:15

TRADING UPDATES: Smartspace extends deadline; EDX launches fundraising

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
1 Feb 2024 15:52

UK dividends calendar - next 7 days

Friday 2 February 
Baillie Gifford European Growth Trust PLCdividend payment date
Bisichi PLCdividend payment date
BT Group PLCdividend payment date
Cardiff Property PLCdividend payment date
CT UK High Income Trust PLCdividend payment date
CT UK High Income Trust PLC - Class B dividend payment date
Diploma PLCdividend payment date
Dr Martens PLCdividend payment date
Experian PLCdividend payment date
Halma PLCdividend payment date
Jet2 PLCdividend payment date
Property Franchise Group PLCspecial dividend payment date
QinetiQ Group PLCdividend payment date
Severfield PLCdividend payment date
Thames Ventures VCT 1 PLCdividend payment date
Topps Tiles PLCdividend payment date
TwentyFour Income Fund Ltddividend payment date
TwentyFour Select Monthly Income Fund Ltddividend payment date
Vodafone Group PLCdividend payment date
Workspace Group PLCdividend payment date
Monday 5 February 
Henderson European Focus Trust PLCdividend payment date
JPMorgan European Discovery Trust PLCdividend payment date
JPMorgan Japanese Investment Trust PLCdividend payment date
XPS Pensions Group PLCdividend payment date
Tuesday 6 February 
Ferguson PLCdividend payment date
Wednesday 7 February 
Barings Emerging EMEA Opportunities PLCdividend payment date
Britvic PLCdividend payment date
Thursday 8 February 
AB Dynamics PLCex-dividend payment date
Aberforth Smaller Cos Trust PLCex-dividend payment date
Aberforth Split Level Income Trust PLCex-dividend payment date
Ashtead Group PLCdividend payment date
Atrato Onsite Energy PLCex-dividend payment date
Avon Protection PLCex-dividend payment date
Baronsmead Second Venture Trust PLCex-dividend payment date
Baronsmead Venture Trust PLCex-dividend payment date
BlackRock Income & Growth Investment Trust PLCex-dividend payment date
Bluefield Solar Income Fund Ltdex-dividend payment date
Cerillion PLCdividend payment date
Chenavari Toro Income Fund Ltdex-dividend payment date
CVC Income & Growth Ltd - EURex-dividend payment date
CVC Income & Growth Ltd - GBPex-dividend payment date
EJF Investments Ltdex-dividend payment date
GCP Infrastructure Investments Ltdex-dividend payment date
Henderson Smaller Cos Investment Trust PLCex-dividend payment date
Impact Healthcare REIT PLCex-dividend payment date
Impax Asset Management Group PLCex-dividend payment date
Keystone Positive Change Investment Trust PLCdividend payment date
LXi REIT PLCex-dividend payment date
Octopus Renewables Infrastructure Trust PLCex-dividend payment date
Picton Property Income Ltdex-dividend payment date
Renew Holdings PLCex-dividend payment date
Residential Secure Income PLCex-dividend payment date
Smiths News PLCdividend payment date
Taylor Maritime Investments Ltdex-dividend payment date
Victorian Plumbing Group PLCex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
11 Jan 2024 09:00

TOP NEWS: LondonMetric Property and LXi REIT plan all-share merger

(Alliance News) - LondonMetric Property PLC and LXi REIT PLC on Thursday said they have agreed to an all-share merger that will create the UK's fourth largest real estate investment trust.

Read more
11 Jan 2024 07:41

LONDON BRIEFING: M&S reports strong sales momentum; Tesco ups guidance

(Alliance News) - Stocks in London are tipped for a strong start on Thursday, as global equity markets benefit from optimism ahead of the US inflation print later in the day.

Read more
11 Jan 2024 07:36

LondonMetric, LXI REIT to merge in £1.9bn deal

(Sharecast News) - LondonMetric and LXI REIT announced on Thursday that they have agreed to merge in a deal that will create a £4.1bn property company.

Read more
8 Jan 2024 08:04

LXi REIT agrees GBP210 million Travelodge hotel sale to help cut debt

(Alliance News) - LXi REIT PLC on Monday said that it had exchanged contracts for the sale of several Travelodge-branded hotels, the proceeds of which will be used to help the company's debt position.

Read more
8 Jan 2024 07:26

LXI REIT finalises sale of 66 Travelodge hotels

(Sharecast News) - LXi REIT has finalised the sale of 66 Travelodge-branded hotels to the Travelodge group, it announced on Monday, for a total of £210m.

Read more
3 Jan 2024 14:54

UK dividends calendar - next 7 days

Thursday 4 January 
Artemis Alpha Trust PLCex-dividend payment date
Auto Trader Group PLCex-dividend payment date
AVI Global Trust PLCspecial dividend payment date
AVI Global Trust PLCdividend payment date
Baillie Gifford European Growth Trust PLCex-dividend payment date
Big Yellow Group PLCex-dividend payment date
Blackrock Frontiers Investment Trust PLCex-dividend payment date
Braemar PLCex-dividend payment date
Caledonia Investments PLCdividend payment date
Castings PLCdividend payment date
Cohort PLCex-dividend payment date
CT Private Equity Trust PLCex-dividend payment date
CT UK High Income Trust PLCex-dividend payment date
Dr Martens PLCex-dividend payment date
Experian PLCex-dividend payment date
F&C Investment Trust PLCex-dividend payment date
Great Portland Estates PLCdividend payment date
Henderson Diversified Income Trust PLCex-dividend payment date
Henderson European Focus Trust PLCex-dividend payment date
ICG-Longbow Senior Secured UK Property Debt Investments Ltdex-dividend payment date
Iomart Group PLCex-dividend payment date
James Latham PLCex-dividend payment date
Martin Currie Global Portfolio Trust PLCex-dividend payment date
Murray International Trust PLCex-dividend payment date
Severfield PLCex-dividend payment date
Shires Income PLCex-dividend payment date
Smart Metering Systems PLCex-dividend payment date
Town Centre Securities PLCdividend payment date
Triad Group PLCex-dividend payment date
Walker Crips Group PLCex-dividend payment date
Workspace Group PLCex-dividend payment date
Friday 5 January 
British Land Co PLCdividend payment date
Hill & Smith PLCdividend payment date
JD Sports Fashion PLCdividend payment date
JPMorgan Global Growth & Income PLCdividend payment date
Liontrust Asset Management PLCdividend payment date
Lok'n Store Group PLCdividend payment date
Real Estate Credit Investments Ltddividend payment date
RS Group PLCdividend payment date
Tate & Lyle PLCdividend payment date
Monday 8 January 
abrdn Equity Income Trust PLCdividend payment date
Intermediate Capital Group PLCdividend payment date
Tuesday 9 January 
no events scheduled 
Wednesday 10 January 
Assura PLCdividend payment date
Bellway PLCdividend payment date
Fidelity Special Values PLCdividend payment date
LXi REIT PLCdividend payment date
Severn Trent PLCdividend payment date
Volex PLCdividend payment date
Vp PLCdividend payment date
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
18 Dec 2023 16:57

LondonMetric in talks to merge with LXi REIT

(Alliance News) - LondonMetric Property PLC and LXi REIT PLC on Monday confirmed that they are in discussions over a potential all-share merger.

Read more
18 Dec 2023 15:03

LondonMetric in talks to buy LXi REIT

(Sharecast News) - LondonMetric and LXi REIT confirmed on Monday that they are in talks about a possible all-share merger to create a real estate company worth £3.9bn.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.