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LXI REIT signs £40M loan facility

LXI REIT plc agreed to take on a new 11.5-year loan facility of £40 million from Scottish Widows Ltd. and partner Lloyds Bank Commercial Banking.

The loan amount will bear a fixed all-in rate of 2.85% and will be due July 3, 2029, alongside its existing £55 million Scottish Widows loan.

LXI will use the new facility, secured against assets acquired through its IPO and second equity issue, to fund the acquisition of additional long-let index-linked assets.

The company expects to maintain a maximum level of aggregate borrowings worth 35% of its gross assets, according to a release.