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01 Jul 2021 | 08:37

LXI REIT raises £104m in placing and PrimaryBid offer

(Sharecast News) - LXi REIT has raised gross proceeds of £100m under its placing, it announced on Thursday morning, and a further £4m gross under its PrimaryBid offer. The FTSE 250 real estate investment trust had increased the size of the placing to £100m from £75m, and, as a result, it said it would issue 75,187,970 new shares at the issue price of 133p each for the placing, as well as 2,781,955 new shares under the PrimaryBid offer at the same price.

It said the placing was "significantly" oversubscribed above the £100m cap, meaning a scaling-back exercise was carried out.

"We are delighted by the success of this significantly oversubscribed placing and the take-up through the PrimaryBid offer," said chairman Stephen Hubbard.

"In light of the strength of investor demand and reflecting our confidence in both the depth and near-term availability of our significant pipeline of attractive investments we increased the size of the placing to £100m.

"The proceeds of this fundraise will allow us to capitalise in the near-term on the significant identified pipeline of sale and leaseback and other long income, forward funding opportunities."

Hubbard said ther properties in the pipeline had been mostly sourced off-market, and were diversified across a range of "defensive and structurally-supported" sub-sectors, being let to high-quality tenant covenants.

"These are expected to be accretive and further strengthen and diversify our portfolio.

"We look forward to updating shareholders as we execute on these attractive investment opportunities."

At 0825 BST, shares in LXi REIT were up 1.65% at 135.4p.
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