LXi splashes £61m on retail assets
The real estate investment trust has bought 13 stores in total, including a Waitrose supermarket in Poynton and Co-op stores in Blackpool, Sandbach, Southport, Wallasey and Wrexham.
Listed LXi Reit made the acquisitions, which include assets outside of the North West, following the sale of a WeBuyAnyCar storage facility in Northamptonshire for £68m earlier this month.
The acquisitions reflect LXi’s “yield-disciplined focus on smaller-sized foodstores”, according to the company, and represent a net yield of 5.7%.
The 25,000 sq ft Waitrose in Poynton was purpose built for the tenant in 2010. Waitrose has 15 years to run on its lease until the first break.
The Co-operative Group has a minimum of 16 years left to run on its leases for each of the stores acquired by LXi.
The Co-op portfolio has an average rent of £15.80/ sq ft.
In addition to the North West assets, LXi has also bought two stores in Bradford, a B&M and The Range, totalling 72,000 sq ft.
A further two Co-op stores were also snapped up in Glasgow and Pontypridd as well as a Lidl in Hampshire and an Aldi and an Iceland in Northumberland.
