Extension to HSBC Facility
13 November 2023
LXi REIT plc
(the "Company" or the "Group")
EXTENSION TO HSBC FACILITY
The Company has agreed an extension to the term of its existing £60 million loan facility with HSBC ("HSBC Facility") from December 2024 to December 2026.
This was the earliest maturing debt in the Group and extends our weighted average term from 5.1 years to 5.2 years.
The HSBC Facility maintains the existing margin of 2.05 per cent. per annum above SONIA and benefits from an existing interest rate cap until December 2024 at 2.50 per cent.
The Company expects to hedge the cost of the HSBC Facility during the additional term to expiry in due course.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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LXI REIT Advisors Limited Simon Lee (CEO) Alex MacEachin (CFO) |
Via H/Advisors Maitland |
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H/Advisors Maitland (Communications Advisor) James Benjamin / Rachel Cohen |
07747 113 930 / 020 7379 5151 |
The Company's LEI is: 2138008YZGXOKAXQVI45
NOTES:
LXI REIT plc invests in commercial property assets predominantly in UK let, or pre-let, on very 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 Listing 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 a profit forecast.
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