LXi in nine-property deal worth £87m

Real estate trust LXi said it had bought nine properties for £87m, funded by its recent £250m capital raise.

The acquisitions, with seven different vendors/developers, reflect an accretive 5.1% net initial yield (net of purchase costs), versus the current portfolio valuation yield of 4.5%.

LXI on Monday said the deal was for three convenience stores leased to Co-operative Food Group, a David LLoyd health club, a car park, pre-let forward-funded Sainsbury's retail store, Premier Inn hotel, Compass training facility and customer service, car storage and repair and maintenance facility in Edinburgh, operated by Cazoo.