City briefs: LXi Reit and President Energy
LXi REIT plc, the specialist inflation-protected long income real estate investment trust has acquired a two-storey car park incorporating 385 spaces in York.
The deal which is one of nine deals and forms part of a £87m by LXi, offers growth opportunities with the site fully let to Q-Park Ltd and guaranteed by Q-Park Holding BV on a long lease with 21 years left until the first break, having annual rent increases in line with RPI inflation, capped at 4% per annum and collared at 2.5% per annum.
The car park trades strongly and occupies a central location in the city.
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Independent oil and gas company President Energy has shared its key trading highlights for 2021, noting turnover of circa $34.2m.
The Leeds-based business also noted that it expected the results to include a benefit of $13m to its profit and loss account as a result of the spin out of Atome Energy.
Peter Levine, chairman at President Energy said: “Whilst trading in 2021 was solid, despite the static production taking into account the loss in all material respects of Louisiana’s contribution in the year, we still showed a healthy, operationally profitable business
“On a strategic level, we produced material returns for our shareholders through the spin out and IPO of Atome Energy and successfully, notwithstanding the pandemic, farmed out our Paraguay exploration prospect to the state energy company of Taiwan”
Looking ahead he said it was important the business left “no stone unturned to achieve optimum performance and delivery for our capital expenditure” and that he was looking forward “to an improved performance this year”.
