LXi REIT raises annual dividend target following completion of debt refinancing

4.8% increase in annual dividend target

Valeria Martinez
clock • 2 min read

LXi REIT has completed the final step of refinancing its near-term debt maturities, which will allow the £2.7bn trust to increase its annual dividend target.

In a stock exchange notice today (13 April), the board said the company had signed a £565m secured, interest-only loan facility with a syndicate of banks. The facility comprises a £200m five-year revolving credit facility, a £115m five-year term loan and a £250m three-year term loan. The refinancing has allowed the UK commercial property trust to target 6.6p per share in annual dividends for the year to March 2024, representing an increase of 4.8% from FY23. It is expected to be fully covered by net earnings.  Chair Cyrus Ardalan said the facilities provide the company with "operation...

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