LXi REIT has completed the acquisition of £26 mln (€31 mln) worth of UK retail assets at an accretive net initial yield of 5%.
The company has acquired via a pre-let forward funding transaction, a 45,000 sq ft (4,180 m2) Tesco foodstore and a 22,000 sq ft Home Bargains in Houghton le Spring. The property will include 329 car parking spaces, as well as electric vehicle charging points, and comprises a large, nine-acre site.
The foodstore has been fully pre-let to Tesco Stores on an unbroken 20-year lease.
The Home Bargains store has been fully pre-let to TJ Morris on an unbroken 15-year lease.
The company has now deployed £170 mln since raising £250 mln of capital last month.
