LXI REIT makes accretive acquisitions following recent capital raise
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16:34 05/03/24
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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.
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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.