The Company, a real estate investment trust (REIT), is listed on the premium listing segment of the Official List of the UK Listing Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in February 2017.  

The Company is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.
LXi REIT intends to deliver inflation-protected income and capital growth over the medium-term for shareholders through investing in a diversified portfolio of UK property, that benefits from long-term index-linked leases with institutional-grade tenants. LXi REIT will only invest in assets with leases containing regular, upward-only rental reviews and will neither undertake any direct development activity nor assume direct development risk.

LXi REIT is targeting a minimum annual dividend of 5.5 pence per Ordinary Share, starting from the financial period commencing 1 April 2018 with the potential to grow through upward-only inflation-protected long-term lease agreements and is targeting a net total shareholder return of 8 per cent. plus per annum over the medium term1.

LXi REIT’s Investment Advisor is LXi REIT Advisors Limited, which is owned by Alvarium and the principals, shareholders and directors of Osprey Equity Partners Limited.

Annual fees paid to the Investment Advisor are highly competitive: annual fee of 0.75% on market capitalisation up to or equal to £500 million, and 0.65% above on market capitalisation above £500 million. No performance fee is payable to the Investment Advisor.
Investment Objective 

LXi REIT’s investment objective is to deliver inflation-protected income and capital growth over the medium-term for shareholders through investing in a diversified portfolio of UK property, that benefits from long-term index-linked leases with institutional-grade tenants. 

Investment Policy (Summary) 

LXi REIT will target inflation-protected income and capital returns through acquiring a diversified portfolio of UK property assets, let or pre-let to a broad range of tenants with strong covenants on very long and index-linked leases. 

LXi REIT will seek to acquire high quality properties, taking into account the following key investment considerations:
LXi REIT will target a wide range of sectors, including office, retail, leisure, industrial, distribution and alternatives – including hotels, serviced apartments, affordable housing and student accommodation. It will also focus on growth sub-sector areas such as discount retailers, budget hotel operators and “last mile” distribution units fuelled by online retail.

LXi REIT will seek to only acquire assets let or pre-let to tenants with strong financial covenants and on long leases (typically 20 to 30 years to expiry or first break), with index-linked or fixed rental uplifts, in order to provide security of income and low cost of debt. LXi REIT will only invest in assets with leases containing regular upward-only rental reviews. These reviews will typically link the growth in rents to an inflation index such as, RPI, RPIX or CPI (with potentially a minimum and maximum level) or alternatively may have a fixed annual growth rate.

LXi REIT will not undertake any direct development activity nor assume direct development risk.  However, LXi REIT may invest in fixed-price forward funded developments, provided they are pre-let to an acceptable tenant and full planning permission is in place. In such circumstances, LXi REIT will seek to negotiate the receipt of immediate income from the asset, such that the developer is paying LXi REIT a return on its investment during the construction phase and prior to the tenant commencing rental payments under the terms of the lease. 

Where LXi REIT invests in forward funded developments:
The Directors currently intend at all times to  conduct the affairs of LXi REIT so as to enable it to continue to qualify as a REIT for the purposes of Part 12 of the CTA 2010 (and the regulations made thereunder).

LXi REIT’s full investment policy is included in its Prospectus, which can be found in the Documents section of this website.
Investment Advisor and AIFM

The Company has appointed Alvarium Fund Managers (UK) Limited as its alternative investment fund manager (the "AIFM"). The Company and the AIFM have appointed the Investment Advisor to provide certain services in relation to the Company and its portfolio.

Alvarium Fund Managers (UK) Limited is 100 per cent. owned by Alvarium Investments Limited.  Alvarium was established in 2009 and has grown to become a substantial, international multi-family office and asset manager, supervising in excess of US$18 billion of assets, for families, private individuals and institutions. It has over 200 employees and 12 offices around the world.

The Investment Advisor has extensive expertise in the purchase and forward funding of commercial property assets let or pre-let on long, index-linked leases to institutional grade tenants with strong financial covenants across a wide range of defensive and robust sectors.

The Investment Advisor comprises property, legal and finance professionals with significant experience in the real estate sector. The team has capitalised and transacted over £2 billion of commercial property assets with a particular focus on accessing secure, long-let and index-linked UK commercial real estate through forward funding and built asset structures.

Management Team

The key individuals responsible for executing LXi REIT’s investment strategy are:
John White
Partner and Fund Manager
Simon Lee
Partner and Fund Manager
Jamie Beale
Partner
Freddie Brooks
CFO
Sophie Rowney
General Counsel
Nick Barker
Compliance Officer
Alex Mattey
Head of Investor Relations
Simon Haarer
Head of Asset Management
Non-Executive Directors

All of the Directors are non-executive and are independent of the AIFM and the Investment Advisor.
Stephen Hubbard
Non-Executive Chairman
Colin Smith OBE
Non-Executive Director
Jan Etherden
Non-Executive Director
John Cartwright
Non-Executive Director
Patricia Dimond
Non-Executive Director
1. This is a target only and not a profit forecast and there can be no assurance that it will be met.