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Prices & Quotes - UK Markets - LXI Reit (LXI)

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Share Price:
Up 134.40p
Change Today:
1.00p
Market Cap:
835.74m
Sector:
Real Estate Investment Trusts

LXI REIT makes 7 long income acquisitions in the grocery sector

By Michele Maatouk

Date: Monday 29 Mar 2021

LONDON (ShareCast) - (Sharecast News) - LXI REIT said on Monday that it has made seven separate long income acquisitions in the grocery sector from six different developers for 85m, following its 125m capital raise earlier in the month.
The acquisitions comprise both pre-let forward fundings and built investments, "secured to strong tenant covenants in the structurally supported grocery sector", it said.

They benefit from an accretive average net initial yield of 5.25%, net of acquisition costs and a long average unexpired lease term to first break of 19 years. LIX said they are let on sustainable, low rents and 100% of the income is inflation-linked via contractual rental uplifts.

The acquisitions represent about 70% of the net proceeds of the recent capital raise, which LXI said demonstrates the company's "ability to execute on identified investment opportunities efficiently and in short order".

Simon Lee, partner at LXI REIT Advisors, said: "Our focus on smaller lot-sized forward fundings and relationship driven deals with developers and tenants has ensured attractive entry pricing for these assets, despite them being in a much sought-after sector where the investment market is becoming increasingly competitive.

"We continue to believe that right-sized, well positioned grocery real estate assets let on sustainable rents to financially robust tenants, who are benefitting from flexible and proven operating models, and offering us as landlords very long, index linked, lease terms, remain attractive investments."

He added that after these acquisitions, foodstores will be LXI's largest sector exposure, at about 25% of the portfolio by value.

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LXI Reit Market Data

Currency UK Pounds
Price 134.40p
Change Today 1.00p
52 Week High 138.20p
52 Week Low 93.55p
Volume 951,334
Shares Issued 621.83m
Market Cap 835.74m
Beta 0.00

Performance Indicators

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What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
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LXI Reit Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 25-Feb-21 03-Dec-20
Paid 26-Mar-21 30-Dec-20
Amount 1.44p 1.35p

Trades for 13-May-2021

Time Volume / Share Price
16:35 157,145 @ 134.40p
16:29 337 @ 135.00p
16:29 26 @ 134.80p
16:29 616 @ 135.00p
16:29 9 @ 134.80p

LXI Reit Key Personnel