Pubs and Bars

LXi acquires 14 Greene King Pubs

Investment company LXi REIT has acquired 14 Greene Kings Pubs, as part of a £135m bulk investment.

The 14 pubs are located in Cheshire, Manchester, Lancashire, Yorkshire, Staffordshire, Newcastle and County Durham.

Each property has been let to Greene King with 15-year unexpired and unbroken lease terms and annual rent reviews to a fixed uplift of 2.5% per annum compounded.

The purchases also include a garden centre in Yorkshire, an Eddie Stobart distribution facility in the West Midlands, and a Travelodge and Costa in Cumbria among others.

John White, partner of LXI REIT, 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, which are expected to deliver further value for our shareholders.”

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