UK commercial property investor LXi REIT has acquired 11 foodstores and two discount stores for a total £61 mln (€68 mln), reflecting an average net initial yield of 5.7%.
The properties are located across the UK and were purchased from five different vendors. They are let to grocery chains Aldi, Lidl, Waitrose, Co-op and Iceland, and discount brands B&M and The Range.
The acquisitions reflect XLi’s focus on smaller-sized foodstores which also offer online fulfilment through home delivery or click & collect.
The company said the store purchases have been financed from the proceeds of its recently sold BCA facility in Corby.
Xli’s entire portfolio now has a WAULT to first break of 22 years, with 96% index-linked or fixed uplift rent reviews and is mainly spread across the industrial, budget hotels, foodstore and healthcare sectors.
