LONDON (Alliance News) - LXi REIT PLC said on Monday it has made one sale of a manufacturing facility and two acquisitions of industrial real-estate assets.
The sale was of a manufacturing facility in Carlisle, let on a long lease to SIG (Trading) Ltd to an unnamed UK pension fund for GBP12.2 million, reflecting an exit yield of 5.38%.
In addition, LXi has acquired two newly-built industrial facilities from two separate vendors at a blended net initial yield of 5.9% for GBP11.6 million in total.
The first property is located in Sunderland and is currently let to FTSE 100-listed Johnson Matthey PLC. The second assets is in Teeside, and a let to Breentag UK Ltd, the UK trading company of Frankfurt-listed chemicals distributor Breentag AG.
"We are pleased to have completed the disposal of the SIG asset at a significant premium to acquisition cost and book value and to have immediately recycled the proceeds into two modern/newly-built industrial facilities that benefit from a WAULT of over 23 years, enhanced tenant covenants and attractive guaranteed rental uplifts," said Simon Lee, partner of LXi REIT Advisors Ltd.
Shares in LXi REIT were up 0.8% at 112.92 pence on Monday.