The UK's LXi REIT has agreed an extension to the term of its existing £60 mln (€69 mln) loan facility with HSBC from December 2024 to December 2026.
This loan represented the earliest maturing debt in the group and extends the firm's weighted average term from 5.1 years to 5.2 years.
LXi REIT is an UK real estate investment trust which focuses on commercial property assets which are typically let on long lease terms, typically 20 to 30 years to expiry or first break. Its leases are linked to inflation and feature strong tenant covenants across a diverse range of property sectors.
The HSBC Facility maintains the existing margin of 2.05% per annum above the Sterling overnight interbank average rate (SONIA) and benefits from an existing interest rate cap until December 2024 at 2.50%.
LXi REIT is targeting a dividend of 6.6 pence per ordinary share for the year which commenced on 1 April 2023.
The firm 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.