£61m shopping spree as property investor seeks higher yield
Property investor LXi REIT has been on a £61m shopping spree, buying 13 properties from five sellers, and increasing the group's portfolio yield.
Earlier this month it sold a large site in Corby, Northamptonshire, for £68m. The average yield from the purchases announced today of 5.7% is "materially higher" than both the 4.45% exit yield and the group's latest portfolio valuation yield of 5.1%.
Nine of the 13 properties purchased are in the North of England, from Blackpool to Berwick, and are all food and discount stores.
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