LXi REIT
 | |
| Company type | Public |
|---|---|
| LSE: LXI | |
| Industry | Property |
| Founded | 2016 |
| Headquarters | London, UK |
Key people | Cyrus Ardalan, Chairman |
| Revenue |  £203.5 million (2023)[1] |
 £(207.9) million (2023)[1] | |
| £(288.1) million (2023)[1] | |
| Parent | LondonMetric Property |
| Website | www.lxireit.com/ |
LXi REIT is a real estate investment trust based in London, England. It was listed on the London Stock Exchange until it was acquired by LondonMetric Property in March 2024.[2]
History
[edit]The company was established by Osprey Equity Partners with support from Ram Bhavnani, a wealthy Spanish investor, in 2016.[3] Bhavnani's previous ventures included a significant investment in Bankinter, a Spanish-based bank.[3] LXi REIT was the subject of an initial public offering in 2018.[3]
In January 2024, it was confirmed that LondonMetric Property would acquire LXi REIT in a deal worth £1.9 billion (US$2.43 billion).[4] The transaction received court approval on 4 March 2024.[5]
Operations
[edit]
The company has a portfolio of commercial properties rented out to corporate customers on 20 to 30-year inflation-linked leases.[6] The net book value of the portfolio was £3.6 billion as at 31 March 2023.[1] Its assets include interests in the Thorpe Park and Alton Towers theme parks.[7]
References
[edit]- ^ a b c d "Annual Results 2023" (PDF). LXi REIT. Retrieved 13 February 2024.
- ^ "LondonMetric completes LXi merger, announces logistics acquisition". Morningstar. Retrieved 2024-03-06.
- ^ a b c "Spain's Bhavnani family backs £100m fund raise by LXi Reit". Investment Trust Insider. 24 September 2018. Retrieved 5 December 2019.
- ^ "UK's LondonMetric to buy LXI REIT in $2.4 bln deal". Reuters. 11 January 2024. Retrieved 29 February 2024.
- ^ "LXi REIT and LondonMetric merger goes ahead". React News. 4 March 2024. Retrieved 4 March 2024.
- ^ "New UK property trust targets bond-like income". FT. 29 January 2017. Retrieved 5 December 2019.
- ^ "LXi snags nearly £260m in theme park income strip deal". City AM. 6 September 2022. Retrieved 22 January 2024.