LXi REIT is forward-funding a new maintenance, repair and overhaul facility for business jets at London Biggin Hill Airport.
The 232,000 sq ft hanger has been prelet to an undisclosed aerospace company for 35 years, on fixed uplifts of 2.5% per year.
The project is being funded by the company’s revolving credit facility.
Simon Lee, partner at LXI REIT Advisors, said: “The property will provide the company with long-term secure income, attractive levels of contracted annual rental growth and significant capital growth potential.”
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
