LXI raises £60.2m to fund new deals

Long-income specialist LXI REIT has successfully raised gross proceeds of £60.2m in a share placing to fund new acquisitions.

It comes after the company revealed plans to raise fresh equity last month to help fund the acquisition of a pipeline of properties exceeding £100m.

At the time it said it had deployed all of the proceeds of its £138m IPO in February and its £55m loan facility from Scottish Widows announced on 4 July 2017.

Stephen Hubbard, chairman of LXI REIT, said: “We are delighted to announce a successful capital raise of £60.2m that will enable the company, through its investment advisor, to pursue our strong immediate pipeline of index-linked, very long let real estate assets that will further diversify the company’s tenant, sector and geographic exposures.

“We will now focus on deploying in short order the proceeds of the fundraising into our immediate pipeline of attractive investments to be acquired from a number of vendors and developers and let to a wide range of strong tenant covenants.”

Peel Hunt is acting as sole bookrunner to the company.

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