Lxi Reit Share Discussion Threads

[williamcooper104] 05/3/2024 18:29

Buy buy LXI And mores to the point; buy buy Alverium Annoyingly my broker showing the whole value of my position as a P&L loss at moment - as it often does (not without cause) for my few HOME shares

[speedsgh] 04/3/2024 14:21

Court sanction of Scheme of Arrangement -

On 27 February 2024 the Board of LXi REIT plc ("LXi") announced the passing of resolutions, at a Court Meeting of Scheme Shareholders and the LXi General Meeting of LXi Shareholders held on the same date as the announcement, approving the recommended all-share merger of LondonMetric Property Plc ("LondonMetric") and LXi (the "Merger") to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"), the terms of which are set out in the scheme document published on 6 February 2024 (the "Scheme Document").

The Board of LXi is pleased to announce that the Court has today sanctioned the Scheme and issued the Court Order in connection with the Merger.

The Scheme is conditional only on the delivery of a copy of the Court Order to the Registrar of Companies, which is expected to occur on 5 March 2024.

The last day for dealing in, and for registration of transfers of, LXi Shares will be today, 4 March 2024, and the Scheme Record Time will be 6.00 p.m. on 4 March 2024.

It is expected that the LXi Shares will be suspended from 7.30 a.m. on 5 March 2024, with the cancellation of admission to trading on the London Stock Exchange of the LXi Shares taking effect from 8.00 a.m. on 6 March 2024. It is expected that, subject to the Scheme becoming Effective on 5 March 2024, Admission of the New LondonMetric Shares will occur at 8.00 a.m. on 6 March 2024.

[kaffee] 15/1/2024 12:22

>>Pyufak... hasn't the income taken a hit though ? Yield is lower on LMP.

[williamcooper104] 13/1/2024 10:03

Not least we are going to get index buyers now we will be well into the FTSE 100

[pyufak] 12/1/2024 17:28

i guess it is over to the LMP board; happy with this switch for what is a major income holding for me - will be staying put

[nickrl] 11/1/2024 09:41

You will get 0.55 of a new LXILMP share for each LXI you hold.

[wsm812] 11/1/2024 08:53

Re the 07:01 RNS -

Can anybody cleverer than I determine if we are to get a windfall of 0.55 shares per share held to smooth the reverse takeover by London Metric? Or, will we simply have a 0.55 shares in the newly merged entity per 1 LXI share held? I can't fathom it out!

[williamcooper104] 11/1/2024 08:10

Doesn't state what role our friends at Alverium play, but makes clear that LMP are managing it and that epra costs will over medium term be 6-7 percent So can't be much

[williamcooper104] 11/1/2024 08:00

It's done Looks like 1.09 - assuming LMP share price doesn't fall

[williamcooper104] 19/12/2023 12:59

With Jones and Leslue Alverium will be just getting paid a deferred exit fee for not doing much or indeed anything So wouldn't worry about the alverium risk post merger other than if that exit fee is a little too rich as indeed jt might be

[williamcooper104] 19/12/2023 12:58

The returns aren't there for PE and O's cost of equity is about 7 so hard to make it stack up for them - they'd be the obvious one to break up the merger

[wsm812] 19/12/2023 10:20

Wouldn't it be great to see a stalking horse appear now and make an offer for LXI ahead of the proposed merger!

[williamcooper104] 18/12/2023 17:25

It would have the chance of being a UK Reality Income Should trade at a premium to NAV

[williamcooper104] 18/12/2023 17:24

It will be accretive as LMP internally managed by arguably best management team in the sector So better for much cheaper Of course if Alvwrium can frustrate the deal then they will

[pyufak] 18/12/2023 17:23

ditto for the travelodge portfolio in my eyes if I am honest. This market is a duopoly and stitched up tight between Premier Inn and Travelodge. Difficult to see a lot of disruption on in this industry near term.

[pyufak] 18/12/2023 17:21

one last thought for now; would be assuming this is done on a NAV for NAV basis because:

Looking at the holdings of the respective REITS - I would assume that London Metric is after the old Secure Income REIT assets. The blended portfolio net yields are 5.6% for LMP vs. 5.7% of LXI; but what strikes me is the LMP logistics at 5.3% vs. the LXI's healthcare at 5.2% and theme parks at 5.1%... seems a bit of a tight spread in my eyes there between healthcare and logistics if I am honest. Healthcare trading almost equal yield to logistics - I'd go for healthcare for the future demographics; same for the theme parks - not going to be able to build more Warwick castles etc.

[pyufak] 18/12/2023 17:04

Will have to wait to see the terms and I will need a bit of time to full assess London metric.

Nick Leslau is quietly building a property juggernaut and I am keen to stick with him. First glance at London metric and looks a solid portfolio in areas where LXI isn't big so likely to complement it well.

I wonder if the Travelodge sale is going to be placed on ice because given the recent move in gilt yields and this news - not sure it makes sense to let go of 200m of property at 6.7%+ when this expanded portfolio is capable of holding it and the LTV isn't going to be an issue.

I am a bit surprised by the news - I've long been a big advocate on this forum of what a great portfolio I think LXI owns and puzzled by the discount. I am happy a quality management team agree... I guess I just thought it would be LXI snapping up other REITs rather than the other way around.

Two of my other holdings, EBOX and Grainger, both spent a period far far too cheap and now normalising. But I think if bond yields continue to fall there will be a lot more M&A activity even at current valuations.

[wsm812] 18/12/2023 15:30

Small uplift in the sp, but I think there will be more to come. The release talks of a merger, but LMP will be takeover the portfolio of LXI, so if they want it they would have to ensure buy in from the share holders at a reasonable valuation....something that has been lacking in LXI for sometime.

I will continue to hold, knowing that my holding and prospects have signifcantly improved on this news.

[spectoacc] 18/12/2023 14:57

@Tradez - I'm not a fan of LXI, but this potentially cuts Alvarium out of running it, and may reduce (or not, see the vote against LMP's remuneration) the c.£14m taken out every year.

Not a buyer here but seems a sensible deal at first sight.

[skinny] 18/12/2023 14:20

Catalystic?

[tradez4dayz] 18/12/2023 14:16

Interested to hear your thoughts specto

[tradez4dayz] 18/12/2023 14:14

React:LXi and LondonMetric in merger talks to create £3.85bn listed giant18 Dec 2023 13:42 GMT | by Chris Borland, David HatcherDeal would form income-focused REIT across some of real estate's strongest sectorsWhat LXi REIT and LondonMetric are in merger talksWhy To create an income-focused, triple-net business that would create economies of scaleWhat next Talks are at an advanced stage PDFTHIS BREAKING NEWS STORY IS BEING UPDATEDLondonMetric and LXi REIT are in advanced merged talks, React News can reveal.The proposed deal would result in a listed business with a £3.85bn market cap, eclipsing that of sector blue chip British Land.It is anticipated that the all-share merger would result in a management team led by LondonMetric and its chief executive Andrew Jones. However, veteran investor Nick Leslau and major shareholder in LXi, is also expected to be involved with the combined entity as a non-executive, creating an enviable board capability.The driver for the deal is understood to be in part focused on creating economies of scale and a company that is of a scale to attract even greater attention from international investors.The combined portfolio of more than £6bn would be concentrated on some of the property market's strongest sectors, including logistics, convenience retail, hotels and leisure. It would have no legacy exposure to offices or shopping centres, unlike some of the listed sector's struggling REITs.Barclays is advising LondonMetric. Lazard is advising LXi.

[spectoacc] 18/12/2023 14:05

Rumour of tie-up with LMP, not sure where, nor how structured, but LXI clearly on the larger discount.