LXi REIT PLC (LXI)

[richfool]

According to HL, LXI's yield is (only) 3.78%, so surely not too much to get over-excited about.

[daveh]

I've never had problems (other than lack of cash in the ISA that can't be topped up) to take up open offers (in may case with TRIG). Placings are a different mater as they are often limited to institutional investors (or only on Primary bid for PIs). However, for the infrastructure companies when placings at a discount are announced the share price often falls towards the discount price, so that can be a good time to buy if you are looking to top up a holding.

[idpickering]

Proposed Subsequent Issue - Expected Timetable

Further to the announcement published by the Company on 18 January 2022, of its proposed issue of new ordinary shares ("New Ordinary Shares"), and subject to regulatory approval, the Company expects to publish the Prospectus later today and the expected timetable for the Subsequent Issue will therefore be as follows below.

Terms not otherwise defined in this announcement have the meanings that will be given to them in the Prospectus.

EXPECTED TIMETABLE

2022

Record Date for entitlements under the Open Offer

close of business on 17 January


Publication of the Prospectus and the Application Forms and Subsequent Issue opens

20 January

Ex entitlement date for the Open Offer

8.00 a.m. on 20 January

https://www.investegate.co.uk/lxi-reit- ... 00080060Z/

[idpickering]

Publication of Prospectus

Further to the announcement published on 18 January 2022, regarding the proposed issue of new ordinary shares ("New Ordinary Shares") in the Company to raise gross proceeds of approximately £125 million (the "Subsequent Issue"), the Company is pleased to announce that it has published the Prospectus today.

The Prospectus will be available, subject to certain access restrictions, on the Company's website (http://www.lxireit.com/company-documents), at the Company's registered office at 125 London Wall, London, EC2Y 5AS, and at the National Storage Mechanism via https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

https://www.investegate.co.uk/lxi-reit- ... 59491264Z/

[MDW1954]

The link they give is wrong.

It's here:

https://www.lxireit.com/equity-raise

MDW1954

[idpickering]

The link they give is wrong.

It's here:

https://www.lxireit.com/equity-raise

MDW1954

Thanks for your post Malcolm, and for clarifying the matter.

Ian.

[idpickering]

Increase in Subsequent Issue Size

Board of LXi REIT has decided to increase the target size of the Subsequent Issue from approximately £125 million to £250 million. This decision has been made after careful consideration of (i) the strong level of support received from investors, which already materially exceeds the new £250 million maximum size of the fundraise, and (ii) the depth of the Investment Advisor's pipeline of nearer term investment opportunities, which has grown to a level now in excess of £350 million.

The timetable for the Subsequent Issue remains as follows:

2022

Latest time and date for receipt of completed Offer for Subscription Application Forms and, if applicable, Tax Residency Self-Certification Forms, and payment in full under the Offer for Subscription

11.00 a.m. on 9 February

Latest time and date for receipt of completed applications from the Intermediaries in respect of the Intermediaries Offer

3.00 p.m. on 9 February

Latest time and date for commitments under the Subsequent Placing

3.00 p.m. on 9 February

Announcement of results of the Subsequent Issue

10 February

Subsequent Admission and dealings in New Ordinary Shares commence

8.00 a.m. on 14 February

The Subsequent Issue is conditional, inter alia, on the New Ordinary Shares being admitted to listing on the premium listing segment of the Official List of the FCA, and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will become effective on, and that dealings for normal settlement in the New Ordinary Shares will commence on the London Stock Exchange by, 8.00 a.m. on 14 February 2022.

https://www.investegate.co.uk/lxi-reit- ... 00060805B/

[idpickering]

Result of Subsequent Issue - £250 million raised

Further to the Company's announcements on 18 and 20 January 2022, the Board of Directors (the "Board") of LXi REIT (ticker: LXI), the specialist inflation-protected long income REIT, is pleased to announce the results of its Subsequent Issue (the "SubsequentIssue").

The Board, as announced on 9 February 2022, taking into account the strong level of support received from investors and the depth of the Investment Advisor's pipeline of nearer term investment opportunities, which has grown to a level now in excess of £350 million, determined to increase the size of the Subsequent Issue to £250 million (from £125 million) (the "Maximum Issue Size").

Demand for the Subsequent Issue significantly exceeded the Maximum Issue Size. All valid applications received under the Open Offer will be met in full, however, valid applications received under the Excess Application Facility, Placing, Offer for Subscription and Intermediaries Offer have been scaled back. Accordingly, the Company will issue a total of 176,056,338 ordinary shares ("New Ordinary Shares") at the Issue Price of 142 pence per New Ordinary Share, raising gross proceeds of £250 million.

https://www.investegate.co.uk/lxi-reit- ... 00032248B/

[richreduk]

I received details of my shares allocated in the Offer for Subscription today from AJ Bell and got 82% - not sure if this is the same scale back every broker or at every volume of purchase, but might be of interest.

[idpickering]

NINE ACCRETIVE ACQUISITIONS TOTALLING £87 MILLION

The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected long income REIT, is pleased to announce the following nine acquisitions, funded by its recent £250 million equity capital raise (the "Capital Raise").

The acquisitions, which have been transacted predominantly on an off-market basis with seven different vendors/developers, total £87 million and reflect an accretive 5.1% net initial yield (net of purchase costs), versus the current portfolio valuation yield of 4.5%.

The assets are secured to a wide range of strong tenant covenants on long-term, index-linked leases and are underpinned by robust sectors and affordable rents with strong rent cover.

The Company is in solicitors' hands on a range of further assets and further announcements are expected to be made shortly.

https://www.investegate.co.uk/lxi-reit- ... 00075059B/

[idpickering]

ACCRETIVE ACQUISITIONS TOTALLING £57M AT 5.25% NIY

The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected long income REIT, is pleased to announce the following acquisitions, funded by its recent £250 million equity capital raise (the "Capital Raise").

The acquisitions, which have been transacted on an off-market basis, total £57 million and reflect an accretive 5.25% net initial yield (net of purchase costs), versus the current portfolio valuation yield of 4.5%. The assets are secured to strong tenant covenants on long-term, index-linked leases and are underpinned by affordable rents.

The Company has now deployed £144 million since the Capital Raise which closed on 9 February. The Company is in solicitors' hands on a range of additional assets and further announcements are expected to be made shortly.

https://www.investegate.co.uk/lxi-reit- ... 00082048C/

[idpickering]

ACCRETIVE FORWARD FUNDING ACQUISITIONS TOTALLING £26 MILLION AT 5% NIY

The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected long income REIT, is pleased to announce the following forward funding acquisitions, funded by its recent £250 million equity capital raise (the "Capital Raise").

The acquisitions total £26 million and reflect an accretive 5% net initial yield (net of purchase costs), versus the current portfolio valuation yield of 4.5%. The assets are secured to strong tenant covenants on long-term, index-linked and fixed uplift leases and are underpinned by affordable rents with strong ESG credentials.

For each of these forward funding acquisitions, full planning consent is in place, the Agreements for Lease have been exchanged and the properties are being funded on a fixed price basis. The Company will receive a cash-backed income from the developers during the construction periods in line with the purchase yields.

The Company has now deployed £170 million since the Capital Raise, which closed on 9 February 2022, and is in solicitors' hands on a range of further assets which will deploy the balance of the proceeds in short order.

https://www.investegate.co.uk/lxi-reit- ... 00076362C/

[idpickering]

£73M of accretive acquisitions at 5.4% NIY

The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected long income REIT, is pleased to announce £73 million of new investments, funded by its recent £250 million equity capital raise (the "Capital Raise").

The acquisitions, which have been transacted on an off-market basis, reflect an accretive 5.4% net initial yield (net of purchase costs), versus the current portfolio valuation yield of 4.5%. The assets benefit from strong tenant covenants on long-term, fixed uplift leases and are underpinned by affordable rents.

The Company has now fully deployed the net proceeds of the £250 million Capital Raise, which closed on 9 February 2022, and is in solicitors' hands on a range of further assets to be funded through the Company's debt facilities.

https://www.investegate.co.uk/lxi-reit- ... 00054544D/

[idpickering]

BOARD CHANGES

Further to the Company's announcement on 13 January 2022, the Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected long income REIT, announces that following a comprehensive handover to ensure an orderly transition Stephen Hubbard (Non-Executive Chairman of the Company) and Colin Smith OBE (Non-Executive Director and Senior Independent Director of the Company) step down from the Board today. Effective immediately, Cyrus Ardalan assumes the role of Chairman of the Company and Hugh Seaborn assumes the role of Senior Independent Director of the Company.

https://www.investegate.co.uk/lxi-reit- ... 00044115E/

[idpickering]

Profitable disposal & accretive acquisitions.

The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected long income REIT, is pleased to announce the following profitable disposal and accretive acquisitions.

Disposal of Premier Inn anchored property

Following an unsolicited approach by a UK pension fund, the Company has exchanged contracts on the sale of its property in Saffron Walden let to Premier Inn, B&M, Pure Gym, Pets at Home and Costa for £19.33 million (a 4.45% net exit yield).

The Company acquired the property, through a forward funding transaction, for £15.8 million (a 5.72% net initial yield) and the sale generates an attractive 19% pa IRR for the Company. (The property was held for sale at the last valuation date.)

Acquisition of foodstore and industrial unit

The Company has exchanged contracts to purchase a M&S Simply Food store and a MKM trade unit, for a combined £9.44 million (reflecting an accretive 5.25% blended net initial yield), from separate developers.

The Company is acquiring the foodstore in Largs, North Ayrshire, by means of a pre-let forward funding transaction. The property, which will comprise 13,450 sq ft, has been fully pre-let to Marks & Spencer plc on a new, unbroken 15-year lease, with five yearly rental uplifts at a fixed growth rate of 2.5% per annum compounded. Marks & Spencer plc is a FTSE 250 constituent with a market cap of approximately £3 billion.

The trade unit, comprising 15,250 sq ft, is a builders' merchant facility constructed this year and fully let to MKM Building Supplies on a long lease, with 20 years unexpired to first break. The rent increases on a five-yearly basis in line with RPI inflation (capped at 3.5% pa and collared at 1.5% pa). MKM is the UK's largest independent builders' merchant.

Both acquisitions benefit from strong ESG credentials, including an EPC "A" rating and rooftop solar panelling at the MKM unit, and the M&S Simply Food development is also targeting an EPC "A" rating.

The balance of the sales proceeds will be invested in the Company's accretive pipeline.

https://www.investegate.co.uk/lxi-reit- ... 00029704I/

Ian.

[idpickering]

RECOMMENDED SHARE OFFER WITH A PARTIAL CASH ALTERNATIVE FOR SECURE INCOME REIT PLC.

Summary and highlights

· The boards of LXi REIT plc ("LXi") and Secure Income REIT plc ("SIR") are pleased to announce that they have reached agreement on the terms and conditions of a recommended offer pursuant to which LXi will acquire the entire issued share capital of SIR (the "Merger"). The Merger is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

· Under the terms of the Merger, for each SIR Share, SIR Shareholders will be entitled to receive:

3.32 New LXi Shares.

https://www.investegate.co.uk/lxi-reit- ... 05060719L/

[gnawsome]

RECOMMENDED SHARE OFFER WITH A PARTIAL CASH ALTERNATIVE FOR SECURE INCOME REIT PLC.

Well now, does this present an opportunity - 136.9 just now.
I don't have the mental faculties to understand the ramifications but:

The market is a little surprised
Market sentiment is a little depressed
It is May
Even commercial property is a bit sad.

Just guessing that - if the merger is successful - then LXI probably won't be making any cash calls in the near future so maybe while the market ponders, a fool might nip in for a bite

[idpickering]

Well now, does this present an opportunity - 136.9 just now.
I don't have the mental faculties to understand the ramifications but:

The market is a little surprised
Market sentiment is a little depressed
It is May
Even commercial property is a bit sad.

Just guessing that - if the merger is successful - then LXI probably won't be making any cash calls in the near future so maybe while the market ponders, a fool might nip in for a bite

Thanks for your input. I must admit that I'm a bit surprised at the market's reaction to this news. imho, I think it's a good move from LXI, which I hold. I'm thinking longer term than just today, and wouldn't have a problem in topping up my LXI holdings in the near future.

Ian.

[MDW1954]

Thanks for your input. I must admit that I'm a bit surprised at the market's reaction to this news. imho, I think it's a good move from LXI, which I hold. I'm thinking longer term than just today, and wouldn't have a problem in topping up my LXI holdings in the near future.

Ian.

The market always worries about execution risk, and little of this had been flagged as an aspiration.

So I'm not surprised.

MDW1954 (another holder of LXi)

[idpickering]

Thanks for your input. I must admit that I'm a bit surprised at the market's reaction to this news. imho, I think it's a good move from LXI, which I hold. I'm thinking longer term than just today, and wouldn't have a problem in topping up my LXI holdings in the near future.

Ian.

The market always worries about execution risk, and little of this had been flagged as an aspiration.

So I'm not surprised.

MDW1954 (another holder of LXi)

Cheers for your everwelcome input Malcolm, and for sharing your thoughts on this matter.
The sp weakness today won’t change my stance in continuing to hold LXI.

Ian.