Full house for LXi REIT fundraise

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Inflation-protected LXi REIT bagged the full £200m available for a placing, open offer and offer for subscription that had launched with a base size of £100m.

The capital raise comprised 169.1m shares at 118p, with proceeds to be used for a pipeline of acquisitions totalling more than £200m.

Pricing was a 3% premium to the unaudited NAV of 114.6p per share as of March 31, and a 9.5% discount to the 130.4p close before the deal was announced.

The deal launched with an offering of 84.56m shares and provision to double that if there was sufficient demand.

Approximately 64.9m shares were sold in the 6-for-25 open offer, raising £76.7m, and 79.9m in the placing for £94.3m. Approximately 18.5m shares in the offer for subscription raised £21.9m and £6.8m was brought in from 5.7m shares in an intermediaries offer.

LXi shares opened at 127.2p on Thursday and were down 1.1% at 126.2p shortly before 1pm in London.

Peel Hunt was bookrunner.

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