Nuneaton hotel part of £62m portfolio purchase

Travelodge Nuneaton

Property investor LXi REIT has bought six properties, including a Nuneaton hotel, as part of its acquisition strategy.

The deals revealed today, which total £62.4m, mean it has now fully deployed the £175m in raised last month on the markets.

LXi REIT has acquired five Travelodge budget hotels for a combined total of £45.2m. The properties are in Nuneaton, Aberdeen, Brighton, Liverpool and Llanelli.

It has also paid £17.2m for an industrial facility in Newbury, Berkshire.

John White, partner of LXi REIT Advisors, said: “We are pleased to have acquired these property assets which are further accretive to the Company’s existing portfolio yield and rent review profile.

“The Company has now carefully and in short order deployed all of the £175 million of equity raised on 12 October 2018 into investments, with attractive net initial yields and long, index-linked leases, that are highly diversified across a wide range of robust sectors and strong tenants.”

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