Real estate investment trust LXI has picked up £55m worth of properties including three hotels, an Aldi supermarket and a warehouse in Durham.
The company has acquired an under-construction 75-bedroom hotel in Sandwich, Kent, which has been pre-let on a 25-year lease from completion of the Travelodge building.
The company has also acquired two additional hotel building projects: a 70-bedroom property in Saffron Walden, Essex, and an 82-bedroom site in Worksop, Nottinghamshire, both pre-let to Premier Inn on a 25-year lease from completion. The company will receive an income from the developers during the construction periods.
Simon Lee, partner of LXI REIT Advisors, said: "We are pleased to be acquiring, predominantly on a forward funding basis, these attractively-priced assets let on long leases to strong tenant covenants across robust sectors, which are expected to provide further diversified, secure and inflation-linked income and capital growth potential. The attractive entry yields provide a substantial spread to both the company's latest portfolio valuation yield and the low cost of our new revolving credit facility which is funding these acquisitions."
The group's portfolio also includes the Cambridge Belfry hotel in Cambourne, 12 Travelodge hotels, three Premier Inns and a Jurys Inn in Plymouth.