LXi REIT PLC (LON:LXI) has disposed of three non-food properties for £17mln and acquired two sites for £15mln where the tenants are discount grocers Aldi and Lidl.
In a statement, Simon Lee, Co-Manager of LXI REIT said: "This capital recycling reflects the company's continuing, but selective, expansion into the foodstore sector, with a particular focus on right-sized stores acquired off-market at attractive yields and let or pre-let to strong tenants on low, sustainable rents.”
On the way out are an office in Glasgow, a group of social housing assets and excess land at a Travelodge site, while LXI has exchanged contracts on a new foodstore in Nottinghamshire pre-let to Lidl for 25 years and acquired the lease of a store occupied by Aldi in Lytham St Annes.
“The sales have crystallised attractive returns on assets from which we have extracted maximum value," added Lee.