Investor acquires West Yorkshire garden centre

26 June 2019

Investor acquires West Yorkshire garden centre

A West Yorkshire garden centre has been acquired by a listed investment firm.

LXi REIT has purchased the garden centre in Pennine on a sale and leaseback basis.

The property has been leased back to Dobbies Garden Centres, with a guarantee from its parent Dobbies Garden Centres Group, on a new, unbroken 30-year lease, with annual rent reviews index-linked to the Retail Prices Index.

The acquisition is one of a number of deals for LXi REIT with a combined total investment of about £135m.

The company has acquired, on a sale and leaseback basis, seven Q-Park car parks in city centre locations in Sheffield, York, London, Edinburgh, Glasgow, and Manchester.

It has also acquired, by way of a pre-let forward funding, a both new Aldi-led scheme in St Albans, and a new 78-bedroom Travelodge hotel and Costa Coffee shop in Workington, Cumbria.

The others investments are the purchase of a 91,000 sq ft distribution facility on a ten-acre site in Cannock, Staffordshire, and 14 Greene King pubs in Cheshire, Manchester, Lancashire, Yorkshire, Staffordshire, Newcastle and County Durham.

John White, partner of LXI REIT Advisors, said: "We are pleased to have swiftly and carefully deployed £135m of the net proceeds of our recent £200m capital raise in secure, long-let and index-linked assets. We look forward to investing the balance in short order from our advanced pipeline of additional assets, which are expected to deliver further value for our shareholders."