By Richard Hook2018-09-03T12:26:00
Long income industrial REIT, LXi has sold its SIG-let Carlisle manufacturing facility for £12.2m and acquired two north east industrial units for a combined £11.6m with the proceeds.
The REIT, which listed on the London Stock Exchange last year, sold the Carlisle facility to a UK pension fund in an off-market deal following an unsolicited approach. The sale reflects an exit yield of 5.38%, compared to the acquisition yield of 7.0% paid by the company in June 2017 and the valuation is at a 7% premium to latest book value as at 31 March.
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