LONDON (Alliance News) - LXi REIT PLC on Monday said it has made a number of acquisitions, while also selling off some assets.
LXi is to provide forward funding of GBP6.6 million and GBP8.1 million for a new Travelodge and a new Lidl supermarket in Gosport and Andover, respectively.
Travelodge is planning a new hotel on Gosport's high street, with planning already granted. LXi expects work to finish in the last quarter of 2019.
The Lidl shop will cover 22,432 square feet, and also has been granted planning. It will be situated two miles east of Andover's town centre.
LXi has made a third acquisition in Norwich for GBP2.5 million, buying a Pure Gym. The site will comprise a new 13,750 foot gym.
The sale made by LXi was a portfolio of 11 supported living properties across Lancashire, Yorkshire, Merseyside, and Kent, for a total of GBP10.9 million, generating an "attractive" internal rate of return of 19% a year.
John White, a partner of LXi REIT Advisors Ltd, commented: "We are pleased to have completed these profitable disposals and accretive acquisitions. These new investments provide attractive income and growth potential, underpinned by long-term, index-linked leases and the strong covenants of Lidl, Travelodge, Pure Gym and local government.
"We are continuing to deploy the balance of our new Scottish Widows loan facility and are in solicitors' hands on a range of further accretive pre-let forward funding investments."
LXi agreed the new 15-year, GBP75 million loan facility with Scottish Widows Ltd earlier in January, buying two industrial properties at the time in Birmingham and West Bromwich.
Last week, QuotedData said LXi, in price terms, was one of the best performing investment companies on the London Stock Exchange in 2018.
Shares were down 1.3% on Monday at a price of 120.46 pence each.