LXI snaps up Travelodge and Greene King sites in £135m property spree
Real estate investment trust LXI has forked out £135m on a property spree which included a Travelodge in Cumbria and 14 Greene King pubs.
By way of a pre-let forward funding, the company has bought a new 78-bedroom Travelodge hotel and Costa café in Workington, Cumbria, as well as 14 Greene King pubs in Cheshire, Manchester, Lancashire, Yorkshire, Staffordshire, Newcastle and County Durham.
The spree also included a garden centre in West Yorkshire, an Eddie Stobart distribution facility in the West Midlands, seven car parks and an Aldi in St Albans. Further acquisitions are expected soon.
John White, partner of LXI REIT Advisors, said: "We are pleased to have swiftly and carefully deployed £135m of the net proceeds of our recent £200m capital raise in secure, long-let and index-linked assets. We look forward to investing the balance in short order from our advanced pipeline of additional assets, which are expected to deliver further value for our shareholders."
LXI's hotel portfolio also includes 12 Travelodge hotels, three Premier Inns, the Jurys Inn Plymouth and the Cambridge Belfry hotel, which it acquired for £18.5m in 2017.
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