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New UK REIT focused on inflation-linked leases targets £200M IPO

LXI REIT plc, focused on investing in U.K. commercial property assets let on long inflation-linked leases, intends to list on the premium segment of the main market of the London Stock Exchange with an IPO target of £200 million.

The REIT is targeting inflation-protected income and capital returns through long leases of typically 20 to 30 years to expiration or first break, with rent reviews directly linked to inflation.

London's Financial Times noted that the REIT is tapping into a shift in investor demand for security over capital growth, and that its profile is similar to that of Secure Income REIT Plc, which outperformed all other London-listed property stocks over the past year, according to Canaccord Genuity figures.

A placement program will allow the REIT to issue 200 million further ordinary shares in the 12 months following the date of publication of its prospectus, expected in early February. The company has reserved the right to increase the size of the issue to a maximum of 300 million ordinary shares in the event of overall demand exceeding the initial target. The admission and dealings in the shares is expected in late February.

The REIT's prospective board of directors includes Stephen Hubbard, John Cartwright, Jan Etherden and Colin Smith. Hubbard, who serves as chairman of UK CBRE Group, will serve as chairman of the REIT. John White and Simon Lee, co-founders of Osprey Equity Partners, will be responsible for executing the company's investment strategy.

LXI REIT plans to invest in a diverse range of sectors including office, retail, leisure, industrial, distribution and alternatives and will also focus on growth subsector investments including discount retailers, budget hotel operators and "last mile" distribution units linked to online retail.

The company is targeting a minimum annual dividend of 5 pence per ordinary share, starting from the financial period commencing April 1, 2018.

LXI REIT Advisors, which is owned by principals, shareholders and directors of Osprey Equity Partners, has been appointed as investment adviser and has identified an investment pipeline across the U.K. let to tenants on leases of more than 20 years.

Peel Hunt is the sole sponsor, broker, placing agent and intermediaries offer adviser.