Property investor buys Eddie Stobart site

Property business LXI REIT has bought Eddie Stobart Logistics’ Cannock site as part of a £135m investment.

The stock market-listed investor had raised £200m earlier this month to fund further acquistions and has today revealed its latest purchases.

The Eddie Stobart deal is for a 91,000 sq ft distribution facility on a 10-acre site. It has a new, 20-year lease with RPI-linked rent reviews every five years.

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

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.”

The investor has acquired the sites of a planned Aldi-led scheme in St Albans and a pre-let Travelodge in Workington.

It has also bought seven Q-Park city centre car parks, 14 Greene King pubs in the North of England, and a West Yorkshire garden centre.