Our Real Estate team has advised LXi REIT on the purchase of nine assets totalling over £122 million.
The deals include three convenience stores in Norwich, Aston and Washington let to Co-operative Food Group, a leaseback deal with Cazoo in Cardiff and a two-storey car park with 385 spaces in York – currently fully let to Q-Park. In addition to these assets the real estate investment trust purchased a 44-bedroom Premier Inn hotel in Exeter, which is fully let to Whitbread Group.
LXi REIT then secured three further deals that included a Tesco foodstore and Home Bargains in Houghton le Spring, a 73,000 sq ft ASDA superstore in Halesowen and, finally, a Compass training and conference facility in Stone, Staffordshire.
Gowling WLG advised LXi REIT on all aspects of the purchases and forward funding, including on real estate aspects, corporate, construction, planning and tax.
The team was led by partner Felicity Lindsay, with real estate support from principal associate Tom Thurgood, senior associate Claudia Orpin and consultant Tim Steele, as well as assistance from partner Lee Nuttall (Tax), senior associate Nick Harding (Planning) and principal associate Ashley Yarwood (Construction). Corporate aspects were led by partner, Chris Towle with support from principal associate, Max Moore.
Felicity Lindsay, partner at Gowling WLG, said: "We're pleased to have worked with LXi REIT on achieving this excellent result, allowing them to fully deploy the proceeds of their recent capital raise. Each of these sites offer an excellent return on investment and enhance LXi REIT's overall growth strategy. I am delighted in this outcome for our client."
Gowling WLG is home to one of the UK's largest real estate practices. For further information, please visit our Real Estate page.