LXi_REIT

LXi REIT

LXi REIT

Real estate investment trust

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]

Quick Facts Company type, Traded as ...

History

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

Thorpe Park theme park is one of LXI's assets.

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

  1. [1]
    "Annual Results 2023" (PDF). LXi REIT. Retrieved 13 February 2024.
  2. [2]
    "LondonMetric completes LXi merger, announces logistics acquisition". Morningstar. Retrieved 2024-03-06.
  3. [3]
    "Spain's Bhavnani family backs £100m fund raise by LXi Reit". Investment Trust Insider. 24 September 2018. Retrieved 5 December 2019.
  4. [4]
    "UK's LondonMetric to buy LXI REIT in $2.4 bln deal". Reuters. 11 January 2024. Retrieved 29 February 2024.
  5. [5]
    "LXi REIT and LondonMetric merger goes ahead". React News. 4 March 2024. Retrieved 4 March 2024.
  6. [6]
    "New UK property trust targets bond-like income". FT. 29 January 2017. Retrieved 5 December 2019.
  7. [7]
    "LXi snags nearly £260m in theme park income strip deal". City AM. 6 September 2022. Retrieved 22 January 2024.
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