Secure Income REIT raises £315m in oversubscribed share placing

Travelodge

Secure Income REIT has announced an early close on its latest share placing having raised £315.5m to fund two portfolio acquisitions totalling £436m.

Secure Income REIT has announced an early close on its latest share placing having raised £315.5m to fund two portfolio acquisitions totalling £436m.

As reported on Property Week last week, the specialist long-term income REIT is using the proceeds of the oversubscribed placing of more than 86 million ordinary shares to acquire a pair of portfolios made up of 76 Travelodge hotels and of leisure assets including the Manchester Arena respectively.

The first portfolio comprises 59 hotels across the UK let to Travelodge, bought for £212m, representing a net initial yield of 6.1%. The hotels have a weighted average unexpired lease term of 23.5 years.

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