LXI REIT plc (LSE:LXI) agreed to acquire Secure Income REIT Plc (AIM:SIR) from Artemis Investment Management LLP, Aegon Asset Management, TR Property Investment Trust plc (LSE:TRY) managed by BMO Investment Business Limited, BMO Property Growth & Income Fund ICVC - BMO Property Growth & Income Fund managed by BMO Fund Management Limited and others for £2.3 billion on May 11, 2022. As of June 22, 2022, The transaction got approved by the shareholders of Secure Income and LXI. The deal is subject to approval from REIT Plc (AIM:SIR) board and shareholder approval, regulatory board, court approval and third party approval. The deal is expected to close on September 26, 2022. As of June 7, 2022, the LXi REIT Shareholders will vote on the tie-up later this month and if it passes the transaction is expected to complete in early July 2022.

Rishi Bhuchar, Tom Yeadon, Ed Matthews and Paul Bundred of Jefferies International Limited, Luke Simpson, Carl Gough, Liz Yong and Huw Jeremy of Peel Hunt LLP, Bronson Albery, Omar Faruqui and Callum West of Barclays Bank PLC and Anthony Parsons, Ali Razvi and Alex Thomas of HSBC Bank plc acted as financial advisor to LXI REIT plc (LSE:LXI). William Saunders of Stephenson Harwood LLP acted as legal advisor to LXI REIT plc (LSE:LXI). Alex Midgen, Sam Green and Jake Shackleford of N M Rothschild & Sons Limited and Mark Young, Stewart Wallace and Rajpal Padam of Stifel Nicolaus Europe Limited acted as financial advisor to Secure Income REIT Plc (AIM:SIR) and Mark Brailsford and Paul William of Bryan Cave Leighton Paisner LLP acted as legal advisor to Secure Income REIT Plc (AIM:SIR). BDO acted as accountant to LXI REIT.

LXI REIT plc (LSE:LXI) completed the acquisition of Secure Income REIT Plc (AIM:SIR) from Artemis Investment Management LLP, Aegon Asset Management, TR Property Investment Trust plc (LSE:TRY) managed by BMO Investment Business Limited, BMO Property Growth & Income Fund ICVC - BMO Property Growth & Income Fund managed by BMO Fund Management Limited and others on July 6, 2022. As of July 5, 2022 being the Scheme Record date, holders of approximately 44.6% of the total number of Scheme Shares at the Scheme Record Time have not elected to participate in the Partial Cash Alternative and will therefore receive all of their consideration in the form of New LXi Shares. And cash Elections were made in aggregate in respect of 179,442,647 Scheme Shares, representing approximately 55.4% of the total number of Scheme Shares, shareholders who made valid Cash Elections for the basic entitlement have had such elections satisfied in full and will receive the basic entitlement of 118.88 pence in cash per Secure Income REIT Share together with 2.488 New LXi Shares. Scheme Shareholders who made valid Cash Elections for less than their basic entitlement have had such elections satisfied in full. It is expected that 802,903,495 New LXi Shares will be issued pursuant to the Scheme. Admission of the Secure Income REIT Shares to trading on AIM will be cancelled with effect on July 7, 2022.