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LXI REIT raises £175M from oversubscribed share issuance

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LXI REIT raises £175M from oversubscribed share issuance

LXI REIT PLC raised £175 million in gross proceeds from its issuance of 155,433,165 ordinary shares that was oversubscribed at the maximum issue size.

The total number of shares included the 88,914,318 new shares, which the London-listed real estate investment trust initially planned to offer, and the 66,518,847 new shares that were reserved for an upsized issuance.

At 112.75 pence apiece, the trust will issue 91,438,880 new ordinary shares via the initial placing; 26,734,137 shares under the open offer; 17,723,022 shares through a placing; 17,489,325 shares under the offer for subscription; and 2,047,801 new shares via the intermediaries offer.

Proceeds from the deal will be used to finance LXI's identified pipeline of specific acquisition opportunities that include budget hotels, discount food, industrial and office properties in the U.K.

LXI filed applications for admission of the new shares to the premium segment of the UK Listing Authority's official list and for trading on the London Stock Exchange's main market for listed securities. The admissions are expected to take place Oct. 16.

Additionally, Salisbury Partners LLP, a related party of LXI through their ownership by LJ Partnership, invested £693,412 into the issuance.

The issued share capital of LXI will constitute of 352,314,872 ordinary shares, with voting rights, once the issuance is complete.

Peel Hunt LLP acted as sole sponsor, broker, joint book runner and intermediaries offer adviser on the deal, while BofA Merrill Lynch served as joint book runner.