Secure Income REIT agrees to €1.75b takeover by LXI REIT

Secure Income REIT has agreed to a takeover by LXI REIT PLC in a deal that values the company at £1.5 billion (€1.75 billion/$1.85 billion).

The merged company will have a portfolio of 346 properties that are 100-percent occupied with a combined value of about £3.9 billion (€4.6 billion/$4.8 billion), and with contracted annual rental income of about £194 million (€227 million/$239 million).

LXI REIT Advisors will continue as investment adviser to the combined group, with key members of the Prestbury Management team (investment adviser to secure income) continuing to have an ongoing role.

Nick Leslau (chairman of Prestbury) and Sandy Gumm (COO of Prestbury) will be appointed to the board of LXI as non-executive directors, while certain senior employees from the Prestbury property and finance teams will move to LXi REIT Advisors and certain senior members of the Prestbury management team will act as ongoing consultants for LXi REIT Advisors.

Cyrus