StockMarketWire.com - LXi REIT said it had sold two of its older Travelodge hotels in the UK to an institutional buyer for a combined £12.6m,

The sale of the hotels in Haverhill and Ipswich followed an unsolicited approach from the buyer, which the company didn't name.

LXi also announced that it had acquired two industrial properties for a combined £11.7m, reflecting a 5.7% net initial yield.

They were acquired with new, unbroken 25-year leases to West Midlands Travel, with a guarantee from parent National Express Group.

'We are pleased to have completed the disposal of two Travelodge hotels at a significant premium to acquisition cost and book value and to have immediately recycled the proceeds into two accretive industrial properties,' LXi REIT Advisers partner Simon Lee said.


At 2:06pm: [LON:LXI] LXI Reit Plc share price was +1p at 119p



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