LXI REIT Raises Fund Raise Target to GBP100 Mln

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By Joe Hoppe

LXI REIT PLC said Wednesday that it has raised the target size of its placing to 100 million pounds ($138.4 million) from GBP75 million, given the level of support from potential investors.

The U.K. real-estate investment trust said the increased size of the placing also reflects the depth of its investment advisor’s pipeline of opportunities. The placing will be capped at GBP100 million and any over-subscription will be dealt with by a scaling-back exercise.

The timetable remains unchanged, with the time for investors to submit their commitment ending at 1500 GMT. Shares are expected to be admitted to trading on Monday.

LXI previously said it is placing 56.4 million new ordinary shares at 133 pence each, a 7.9% discount to its closing price of 144.40 pence on June 23. However, the placing price represents a 2.3% premium to its net asset value of 130 pence a share on June 1.

Peel Hunt LLP is acting as sponsor, joint global co-ordinator joint broker and joint bookrunner together with Jefferies International Ltd.

Write to Joe Hoppe at joseph.hoppe@wsj.com