Bus depot snapped up in £6.8m deal

A bus storage facility in Yardley Wood near Birmingham, let to National Express Group, has been sold for £6.8m.

LXi REIT, which sold the depot to a specialist investor, said it retains its other bus storage facility in West Bromwich let to National Express Group PLC, which it acquired at the same time and on the same lease and pricing terms as Yardley Wood.

John White, partner of LXi REIT Advisors, said: “We are pleased to have completed the disposal of the Yardley Wood property at a significant premium to acquisition cost and book value, enabling us to recycle the proceeds into the accretive acquisition of a well-located car park secured to a substantial tenant covenant on a 35 year, RPI-linked lease, at a low capital cost.”