Potential sale of 66 Travelodge hotels

LXi REIT

22/11/2023 07:00

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RNS Number : 1958U  LXI REIT PLC  22 November 2023

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

22 November 2023

LXi REIT plc

(the "Company", the "Group" or "LXi")

POTENTIAL SALE OF 66 TRAVELODGE HOTELS

 

The Company notes recent press speculation and confirms that it is under
offer, and in solicitors' hands, on the sale of 66 Travelodge hotels for a
combined sum of £210 million, which is in line with current book value (as at
30 September 2023).

 

Should a sale be concluded, the majority of the sale proceeds would be used to
pay down debt, reducing Group LTV to 34% from 38%, as at 30 September 2023,
and reducing the Travelodge proportion of the total rent roll to 11% from 18%.

 

The sale remains subject to contract and due diligence, and there is therefore
no certainty that the sale will complete. A further announcement will be
issued following exchange of contracts.

 

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 LXI REIT Advisors Limited                     Via H/Advisors Maitland

 Simon Lee (CEO)

 Alex MacEachin (CFO)

 H/Advisors Maitland (Communications Advisor)  07747 113 930 / 020 7379 5151

 James Benjamin / Rachel Cohen                 lxireit-maitland@h-advisors.global

 

 

The Company's LEI is: 2138008YZGXOKAXQVI45

 

NOTES

LXI REIT plc invests in commercial property assets predominantly in the UK,
let, or pre-let, on long (typically 20 to 30 years to expiry or first break),
inflation-linked leases to a wide range of strong tenant covenants across a
diverse range of robust property sectors.

 

The Company may invest in fixed-price forward funded developments, provided
they are pre-let to an acceptable tenant and full planning permission is in
place. The Company will not undertake any direct development activity nor
assume direct development risk.

 

The Company is targeting a dividend of 6.6 pence per ordinary share for the
year which commenced on 1 April 2023*.

 

The Company, a real estate investment trust ("REIT") incorporated in England
and Wales, is listed on the premium listing segment of the Official List of
the UK Financial Conduct Authority and was admitted to trading on the main
market for listed securities of the London Stock Exchange in February 2017.

 

The Company is a constituent of the FTSE 250, EPRA/NAREIT, MSCI and STOXX
Europe 600 indices.

 

Further information on the Company is available at www.lxireit.com

*     This is a target and not profit forecast.

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