LXI REIT makes accretive acquisitions following recent capital raise

Real estate investment trust LXI REIT said on Monday that it had made a number of accretive acquisitions following its recent £250.0m equity capital raise.

LXI REIT said the acquisitions, which were made on an off-market basis, totalled £57.0m and reflected an accretive 5.25% net initial yield, versus its current portfolio valuation yield of 4.5%.

The FTSE 250-listed firm added that assets were secured to strong tenant covenants on long-term, index-linked leases and were underpinned by affordable rents.

LXI added that it had now deployed £144.0m since its capital raise, which closed on 9 February and was in solicitors' hands on a range of additional assets, with further announcements expected to be made shortly.