Investor buys Stobart site in £135m spree
LXI Real Estate Investment Trust has bought the Eddie Stobart Logistics’ Norton Canes distribution depot site as part of a wider £135m investment.
The Property business raised £200m earlier this month to fund further acquisitions.
The Eddie Stobart deal is for a 91,000 sq ft distribution facility on a 10-acre site.
Stobart has a 20-year lease on the site.
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.”
LXI has also bought the sites of a planned Aldi-led scheme in St Albans, a pre-let 78-bedroom Travelodge in Workington, seven Q-Park city centre car parks, 14 Greene King pubs in the North of England and Staffordshire, and a West Yorkshire garden centre.