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Lxi REIT purchases pre-let Premier Inn Hotel, a GE Oil & Gas facility and a Travelodge

The Board of Lxi REIT has exchanged contracts to forward purchase the new Premier Inn hotel and Beefeater restaurant currently under construction at Spanish City Promenade, Whitley Bay, North Tyneside. The company has also completed the acquisitions of the GE Oil & Gas facility at Cramlington, Northumberland and the Travelodge hotel at Haverhill, Essex, the exchanges of which were announced on 10 March 2017 and 22 March 2017, respectively. The acquisitions are being funded from equity resources, with senior debt finance expected to be introduced in the near term.The purchase price for the Premier Inn Property is €7.5 million (£6.26 million, excluding purchaser's costs), reflecting a net initial yield of 5% on the asset acquisition. The c...[…]