(Sharecast News) - Real estate investment trust LXI REIT revealed on Friday that it had made a number of transactions, disposing of one property and acquiring another two.
LXI REIT disposed of a Saffron Walden property let to Premier Inn, B&M, Pure Gym, Pets at Home, and Costa, for £19.33m, which represents a 19% internal rate of return per annum.
The FTSE 250-listed firm also agreed to purchase an M&S Simply Food store and an MKM trade unit from separate developers for a combined £9.44m and a foodstore in Largs, North Ayrshire, by means of a pre-let forward funding transaction.
The latter acquisition will be made up of 13,450 square foot, has been fully pre-let to Marks & Spencer on a new, unbroken 15-year lease, with five-yearly rental uplifts at a fixed growth rate of 2.5% per annum compounded.
LXI REIT added that the balance of the sales proceeds will be invested into its accretive pipeline.
