Lxi REIT acquires portfolio of Yorkshire care homes in £4.5m deal

LXi REIT plc, the real estate investment company, has completed the acquisition of regulated long-let supported living properties located in Yorkshire.

The purchase price for the properties is £4.5m, reflecting a net initial yield of 6.0%.

Each property is immediately income producing and has been let on a new 25-year lease, with no tenant break, to a specialist Registered Provider of social housing.

The Registered Provider is regulated by the Homes and Communities Agency and receives its funding for the rent payments directly from the relevant local authority.

Each lease is subject to annual upward-only rent reviews index-linked to the Consumer Prices Index (uncapped) and the Registered Provider is responsible for the costs of repair, maintenance, insurance and outgoings.

The properties in the Portfolio comprise specialist supported living homes for individuals with physical and/or mental disabilities or other care needs.

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