LXB.L Share News (LXB)

(ShareCast News) - Jersey resident closed-ended real estate investment company LXB Retail Properties updated the market on its progress in delivering on the shareholders' mandate to realise cash from its portfolio of investments on Monday.The AIM-traded firm's announcement on 21 November confirmed that progress was being made towards the sale of a number of its remaining investments and that cash realisations from other forward-funded projects were also expected in the near future.It confirmed on Monday that it has completed the sale of part of its land interests at Gloucester and concluded an agreement whereby ASDA will surrender its leasehold interest in a foodstore at Willow Green Farm Truro.The company also confirmed that all the contractual conditions which need to be fulfilled in order to release the anticipated further cash receipts in connection with the forward-funded investments at Banbury and Sutton have been satisfied and the respective payments are expected by the end of December."Taken together, the conclusion of these matters will realise cash of £8.5m and result in the recognition of an increase in net asset value of £1.9m - 1.12p per share - over the 30 September 2016 NAV which was reported in the results announcement," the board said in a statement.The group was reportedly exploring its options in relation to the Willow Green site at Truro, and also confirmed that solicitors have been instructed in connection with the potential disposal of two other investments."Further announcements will be made in due course if these developments result in binding contracts."LXB said it was continuing to make good progress with its remaining investments.It said the interest from potential occupiers of the remaining three units at Biggleswade continued, with solicitors recently being instructed in connection with letting a 5,581 sq ft unit, and the other two units under offer awaiting the retailer's' board approvals."The group has also renegotiated the terms of an agreement with a consortium of housebuilders who intend to develop in the vicinity of the Biggleswade retail park and will benefit from the dual carriageway works funded by LXB," it explained."Previously, the group was entitled to receive £1.96m dependent on planning agreement triggers outside LXB's control."It said the revised arrangements accelerate receipt of one third of those monies and give the group a contractual right to receive £0.65m from one of the housebuilders by January 2018 at the latest."The other two thirds will become due on completion of the first house by one of the other housebuilders but, as previously noted, the likelihood and timing of that eventuality is entirely outside of LXB's control."LXB said that, given the shareholder mandate for early cash realisations, it also explored the possibility of substituting the contingent two thirds receipt for a lesser but contractually committed amount, however it proved impossible to agree terms which would be acceptable to all parties."Since 21 November 2016, the group has secured another letting at Stafford Riverside meaning that there are now just three units available to let there, as well as a further five pre-lets at Rushden Lakes," it added.