Property investor LXi REIT has been on a \u00a361m shopping spree, buying 13 properties from five sellers, and increasing the group’s portfolio yield.<\/p>\n
Earlier this month it sold a large site in Corby, Northamptonshire, for \u00a368m. 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%.<\/p>\n
Nine of the 13 properties purchased are in the North of England, from Blackpool to Berwick, and are all food and discount stores.<\/p>\n
They include Co-Op foodstores in Blackpool, Sandbach, Southport and Wallasey and a Waitrose supermarket in Poynton, Cheshire.<\/p>\n
In Yorkshire it has bought two discount stores in Bradford, which are let to The Range and B&M.<\/p>\n
In a statement, LXi REIT said: “The acquisitions reflect the Company’s yield-disciplined focus on smaller sized foodstores which are currently the primary focus for our grocery tenants being right-sized for their preferred product range, but also offering online fulfilment through either or both of home delivery and click & collect.”<\/p>\n
The acquisitions are let or pre-let on long, index-linked or fixed uplift leases with low current rents, averaging \u00a314 per sq ft, and low capital value pricing, averaging \u00a3230 per sq ft.<\/p>\n","protected":false},"excerpt":{"rendered":"
Northern sites dominate purchases of supermarkets and discount stores<\/p>\n","protected":false},"author":18,"featured_media":2066389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,9],"coauthors":[81],"class_list":["post-2066387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-property","tag-featured-story"],"yoast_head":"\n