LXi REIT
{{Short description |British real estate investment trust}}
{{Infobox company
| name = LXi REIT
| logo = LXi_REIT_Logo.svg
| logo_size =
| type = Public
| traded_as = Formerly {{lse|LXI}}
| foundation = {{start date and age|2016}}
| key_people = Cyrus Ardalan, Chairman
| industry = Property
| products =
| revenue = {{increase}} £203.5 million (2023){{cite web|url=https://assets-global.website-files.com/5b363488036cc3c69396d69e/64a695708508ed5a8b89d5c8_4737_LXI_REIT_ARA_2022_Report_V11.pdf|title=Annual Results 2023|publisher=LXi REIT|access-date=13 February 2024}}
| operating_income = {{decrease}} £(207.9) million (2023)
| net_income = {{decrease}} £(288.1) million (2023)
| num_employees =
| parent = LondonMetric Property
| homepage = {{URL |https://www.lxireit.com/ }}
}}
LXi REIT is a British real estate investment trust based in London. It was listed on the London Stock Exchange until it was acquired by LondonMetric Property in March 2024.{{Cite web|url=https://www.morningstar.co.uk/uk/news/AN_1709722620427710900/londonmetric-completes-lxi-merger-announces-logistics-acquisition.aspx|title= LondonMetric completes LXi merger, announces logistics acquisition|work=Morningstar|access-date=2024-03-06|language=en}}
History
The company was established by Osprey Equity Partners with support from Ram Bhavnani, a wealthy Spanish investor, in 2016.{{cite web|url=https://citywire.co.uk/investment-trust-insider/news/spain-s-bhavnani-family-backs-100m-fund-raise-by-lxi-reit/a1157980|title=Spain’s Bhavnani family backs £100m fund raise by LXi Reit|publisher=Investment Trust Insider|date=24 September 2018|access-date=5 December 2019}} Bhavnani's previous ventures included a significant investment in Bankinter, a Spanish-based bank. LXi REIT was the subject of an initial public offering in 2018.
In January 2024, it was confirmed that LondonMetric Property would acquire LXi REIT in a deal worth £1.9 billion (US$2.43 billion).{{cite news|url=https://www.reuters.com/markets/deals/uks-londonmetric-buy-lxi-reit-24-bln-deal-2024-01-11/|title=UK's LondonMetric to buy LXI REIT in $2.4 bln deal|date=11 January 2024|newspaper=Reuters|access-date=29 February 2024}} The transaction received court approval on 4 March 2024.{{cite news|url=https://reactnews.com/article/lxi-reit-and-londonmetric-merger-goes-ahead/|title=LXi REIT and LondonMetric merger goes ahead|newspaper=React News|date=4 March 2024|access-date=4 March 2024}}
Operations
File:Off to get wet - geograph.org.uk - 1293811.jpg
The company has a portfolio of commercial properties rented out to corporate customers on 20 to 30-year inflation-linked leases.{{cite web|url=https://www.ft.com/content/8880fa2e-e58c-11e6-893c-082c54a7f539|title=New UK property trust targets bond-like income|publisher=FT|date=29 January 2017|access-date=5 December 2019}} The net book value of the portfolio was £3.6 billion as at 31 March 2023. Its assets include interests in the Thorpe Park and Alton Towers theme parks.{{cite news|newspaper=City AM |url=https://www.cityam.com/lxi-snags-nearly-260m-in-theme-park-income-strip-deal/|title=LXi snags nearly £260m in theme park income strip deal|date=6 September 2022|access-date=22 January 2024}}