National Grid UK Pension Fund Buys Griffiths Way Retail Park
Posted on 06/12/2023
London-based LXi REIT PLC has sold a retail park in St Albans, England, to National Grid UK Pension Fund for £31 million. The property is called the Griffiths Way Retail Park. The retail property is let to B&Q (62 percent of rent), Aldi (28 percent of rent), and Costa Coffee (10 percent of rent). LXi REIT purchased the property through a forward funded purchase for £24 million in 2019.
On April 27, 2023, LXi REIT secured £148 million debt financing from Canada Life Asset Management to refinance the U.K.-listed REIT’s mixed-use portfolio. The loan has been provided at an LTV of 40% and is over a 16-year term, maturing in 2039. Canada Life Asset Management was advised by Taylor Wessing LLP (English counsel), Morton Fraser (Scottish counsel), and BNP Paribas’ real estate valuation team.
LXi REIT was established by Osprey Equity Partners with support from Ram Bhavnani, a wealthy Spanish investor, in 2016.
