Search
The Caterer

LXI snaps up Travelodge and Greene King sites in £135m property spree

26 June 2019 by
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.

LXI sells off two Travelodges for £12.6m >>

LXI acquires five Travelodges for £62.4m >>

LXI acquires Jurys Inn and Travelodge for £36m >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.