Garden centre part of multi-million pound acquisition spree

Several Yorkshire assets have been acquired by listed property investment firm LXi REIT in a combined £135m asset spree.

The acquisitions have been made individually from separate vendors and developers and include both pre-let forward fundings and built assets. The investor raised £200m this month to fund further acquistions and today revealed its latest purchases.

Dobbies Garden centre in Huddersfield has been acquired on a sale and leaseback basis. The property has been leased back to Dobbies Garden Centres, with a guarantee from its parent Dobbies Garden Centres Group on a new, unbroken 30-year lease. Dobbies is a 150-year old, market-leading garden centre owner and operator.

LXi REIT has also acquired, on a sale and leaseback basis, seven Q-Park car parks in strong city centre locations in York , Sheffield, London, Edinburgh, Glasgow and  Manchester. Each property has been leased back to Q-Park on new, unbroken, 35-year leases.

The company has also acquired 14 family-oriented, food-led public houses in Yorkshire, Cheshire, Manchester, Lancashire,  Staffordshire, Newcastle and County Durham. Each property has been let to Greene King, with 15-year unexpired and unbroken lease terms. 

LXi REIT has not disclosed the value of the individual deals that it has grouped together. 

John White, partner of LXI REIT Advisors Limited, said: “We are pleased to have swiftly and carefully deployed £135 million of the net proceeds of our recent £200 million 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.”

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