LXi REIT has sold a retail park in St Albans to a UK institution for £31 million, equating to a net initial yield of 4.7%.
The property is let to B&Q (62% of rent), Aldi (28% of rent) and Costa (10% of rent) and has a weighted average unexpired lease term of 18 years.
The company acquired the property through a forward funded purchase for £24 million in 2019. The sale price is in line with the 31 March 2023 book value, having been held for sale, and generates an attractive 11% IRR.
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