LXi REIT, a UK long income real estate investment trust, is buying a 94,000sqft garden centre in Reading in a forward funding deal.

The London-listed commercial property investor is investing £19m (€22m) to buy the asset pre-let to garden centre operator Dobbies on a 35-year lease.

The site at Shinfield extends to seven acres and will have 316 parking spaces once construction works are complete in spring 2022.

LXi REIT said the latest acquisition takes the company’s total funding deployed/committed to £170m since its £125m capital raise in March this year.

LXi REIT said it has sold a small, ancillary retail parade – acquired last year as part of the Co-op foodstore portfolio – purchase for £575,000.  

The disposal represents a 100% premium to the purchase price paid by the company and will be deployed into the company’s accretive forward funding pipeline, LXi REIT said.

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