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DWF advises LXi on the £773m refinancing of their portfolio

26 April 2023

DWF, the global provider of integrated legal and business services, has advised LXi REIT on the £773 million refinancing of their circa £3.4 billion portfolio, in what is expected to be one of the largest portfolio refinancing transactions this year. 

The circa £773 million refinancing comprises a new £150m facility, an extension of a current £60m facility and a £565 million facility with a syndicate of lenders. The facilities provide operational flexibility including an ability to migrate further to unsecured/debt capital markets funding in due course.

DWF advised on the real estate aspects of the refinancing, being the firm with the largest proportion of properties in the portfolio. The asset classes include hotels, leisure, retail, F&B and industrial, amongst others. This significant instruction involved a large real estate project team across England and Scotland, and was led by Deepa Deb, Global Head of Investment & Development, real estate partners Carla Revelo, Charlotte Ward and Richard Lomax, Phil Garvey and Emma Peveril (Directors) and Sam Johnston (Associate). The refinancing follows LXi REIT's recent re-gear of 122 Travelodge Hotel leases. 

Deepa Deb, Global Head of Investment and Development, said: "Our team worked hard in collaboration with the LXI Team to get this deal across the line and we look forward to continuing this productive working relationship going forwards."

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