Investment firm acquires land for pre-let retail space

Investment firm LXi REIT has completed a land acquisition for retail space in Bradford for a total value of £11.1m. 

The property has been pre-let to Aldi on an unbroken 20-year index-linked lease. Ancillary leases have then also been agreed to Home Bargains, Heron Foods, Starbucks and Greggs. 

It is being forward funded on a fixed-price basis by the company at a 6.2% net initial yield, worth a total of £11.1m.

The acquisition follows the successful granting of planning consents and satisfaction of other acquisition conditions. Construction will begin in the next few weeks.

The firm also acquired a Chesterfield property, which has been pre-let to Premier Inn, with a guarantee from Whitbread Group, on an unbroken 25-year index-linked lease and is being forward funded on a fixed-price basis by the company at a 5.2% net initial yield; a £6.9m total commitment.