LXi REIT has exchanged contracts to provide forward funding for the development of a new Travelodge hotel, drive-through Costa coffee shop and drive-through KFC restaurant in Camborne, Cornwall.
The development represents an investment of £6.1m, reflecting a net initial yield of 6.15% on the asset acquisition.
Upon practical completion, which is targeted for May 2018, the new development will comprise of:
The three tenant pre-lets have exchanged, full planning permission is in place and the company is acquiring the land and forward funding on a fixed-price basis.
John White, partner of LXi REIT Advisors, said: “We are pleased to provide the forward funding for this attractive long-let hotel and leisure development asset with a compelling initial yield, pre-let to tenants with strong covenants, and which adds further geographic diversification to the current portfolio.”
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