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From Wikipedia, the free encyclopedia

LXi REIT
Company typePublic
LSELXI
IndustryProperty
Founded2016; 8 years ago (2016)
HeadquartersLondon, UK
Key people
Cyrus Ardalan, Chairman
RevenueIncrease £203.5 million (2023)[1]
Decrease £(207.9) million (2023)[1]
Decrease £(288.1) million (2023)[1]
ParentLondonMetric Property
Websitewww.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]

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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. ^ a b c d "Annual Results 2023" (PDF). LXi REIT. Retrieved 13 February 2024.
  2. ^ "LondonMetric completes LXi merger, announces logistics acquisition". Morningstar. Retrieved 2024-03-06.
  3. ^ a b c "Spain's Bhavnani family backs £100m fund raise by LXi Reit". Investment Trust Insider. 24 September 2018. Retrieved 5 December 2019.
  4. ^ "UK's LondonMetric to buy LXI REIT in $2.4 bln deal". Reuters. 11 January 2024. Retrieved 29 February 2024.
  5. ^ "LXi REIT and LondonMetric merger goes ahead". React News. 4 March 2024. Retrieved 4 March 2024.
  6. ^ "New UK property trust targets bond-like income". FT. 29 January 2017. Retrieved 5 December 2019.
  7. ^ "LXi snags nearly £260m in theme park income strip deal". City AM. 6 September 2022. Retrieved 22 January 2024.
This page was last edited on 10 March 2024, at 09:58
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