New Premier Inn hotel in Romford acquired as part of £23m trio of deals

LXI REIT has announced it has acquired a hotel in East London as part of a trio of deals worth around £23m.

The real estate investment trust company has exchanged contracts by way of pre-let forward funding, for the acquisition of a new Premier Inn hotel in Romford.

The 85-bedroom hotel has been pre-let to Premier Inn Hotels Limited on a new unbroken 25-year lease from completion of construction.

Alongside the Romford acquisition, LXI REIT has also agreed to acquire a commercial vehicle centre in Birmingham as well as an Aldi store in Lytham St Annes in Lancashire.

John White, partner of LXI REIT Advisors Limited, commented: “We are pleased to be acquiring, on an off-market basis, these attractively-priced assets let on long leases to strong tenant covenants across robust sectors with high residual values.

“[These acquisitions] are expected to provide our shareholders with further diversified, secure and inflation-linked income and capital growth potential.”