LXi REIT buys new investments for £73m

LXi REIT said it had made £73m of new investments funded by its recent £250m capital raise.

The two acquisitions, transacted on an off-market basis, reflect an accretive 5.4% net initial yield versus the current portfolio valuation yield of 4.5%, the company said on Thursday, adding that the assets benefit from strong tenant covenants on long-term, fixed uplift leases and are underpinned by affordable rents.

LXi has now fully deployed the net proceeds of the raising, which closed on 9 February 2022, and is in solicitors' hands on a range of further assets to be funded through the company's debt facilities.