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LXB Retail Properties grows NAV and profits in first half

Mon, 17th Jun 2013 07:37

Jersey-based retail real estate group LXB Retail Properties saw decent growth in both net asset value (NAV) and profits in its first half, according to a statement on Monday, while it announced a number of 'substantial' transactions in Greenwich.The company, which is focused mainly on edge-of-town and out-of-town retail assets, saw its adjusted NAV per share in the six months ended March 31st grow 4.63% to 117.16p from 111.98p by September 30th.When compared with with the year before, pre-tax profit rose 28% from £8.7m to £11.1m, while earnings per share were up 27% from 3.39p to 4.31p.The bottom-line growth came despite gross rental income being flat at £2.5m year-on-year, as the company saw a near-£5.0m profit on the sale of investment properties, compared with a slight loss the year before. "The backdrop to the group's business remains challenging as retailers continue to cope with sluggish consumer demand whilst looking to adjust their formats to multi-channel," said Chairman Phil Wrigley. "We remain confident however, that they will continue to pay for the best space that satisfies their evolving needs and that we are developing space that fits their requirements."Nevertheless, he warned that the planning system still remains slow and costly as a consequence of this challenging environment and the pipeline of new developments is "generally very limited".GreenwichAfter making several investments in Greenwich since its stock-market debut in 2009, LXB has now announced plans to reduce its presence in the area. These plans include: the conditional sale of the Sainsbury/Marks & Spencer site; the unconditional sale of Stone Lake Retail Park; the conditional sale of a Wickes unit at Brocklebank Road; as well as an option to sell the rest of the Brocklebank Road site.The deals will create "significant" amounts of surplus cash over the coming months. If all the conditions are satisfied, these will crystallise a total surplus of £41m with a return on cost of 26.5% and permit a return of capital of up to £103m over the coming 18 months.Following the transactions, as well as the previously reported sales of foodstores in Sheppey and Gloucester, LXB now has an interest in five core retail investment schemes at Banbury, Biggleswade, Rushden, Stafford and Sutton. "We anticipate being able to recognise almost all of the value on these investments by September 2014," the firm said.

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23 May 2019 14:09

LXB Retail Shares Temporarily Suspended Pending Announcement

LONDON (Alliance News) - Shares in LXB Retail Properties PLC on Thursday were temporarily suspended from trading on AIM pending an announcement from the company.The stock closed 28% lower

21 May 2019 14:16

LXB Retail Properties Shares Drop As Dissolution Sanctioned By Court (ALLISS)

LONDON (Alliance News) - LXB Retail Properties PLC said Tuesday the Royal Court of Jersey has sanctioned the dissolution of the retail property investor, as well as the return of GBP2.0 million in

20 May 2019 13:21

LXB Retail Confirms Dissolution Returns Below Previous Guidance

LONDON (Alliance News) - LXB Retail Properties PLC said Monday its return of capital to shareholders following its dissolution is expected to be about GBP2.0 million, about 1.2 pence per April, to

18 Apr 2019 18:10

LXB Retail Properties Expects Lower Return From Dissolution

LONDON (Alliance News) - LXB Retail Properties PLC said Thursday afternoon its dissolution hearing has been rescheduled due to "unexpected delays with matters connected" with its four to

4 Mar 2019 11:59

LXB Retail Properties Proposes Shares Cancellation And Firm Dissolution (ALLISS)

LONDON (Alliance News) - LXB Retail Properties PLC on Monday proposed the cancellation of its shares from trading and the dissolution of the firm.LXB called a meeting on March 26, where be

26 Feb 2019 10:52

WINNERS & LOSERS SUMMARY: Persimmon Leads Housebuilders Higher

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - up 2.5%. The housebuilder reported growth in

26 Feb 2019 09:50

LXB Retail Properties Net Asset Value Falls As Disposals Continue

LONDON (Alliance News) - LXB Retail Properties PLC on Tuesday said its net asset value per share fell in its most recent financial year as it continued the process of winding down and disposing of

5 Oct 2018 17:36

LXB Retail Properties Completes Final Two Lettings At Biggleswade

LONDON (Alliance News) - LXB Retail Properties PLC said Friday it has completed the "necessary sub-division" works for its final two lettings at its London Road Retail Park, in north of

7 Sep 2018 15:33

LXB Retail Sells Leisure Investment At Stafford Ahead Of Winding Up

LONDON (Alliance News) - LXB Retail Properties PLC said Friday that it sold its leisure investment at Stafford, England, for GBP8.0 million in cash.The closed-ended real estate company said

14 Aug 2018 17:49

LXB To Return GBP6.7 Million To Shareholders After Land Interest Sale

LONDON (Alliance News) - LXB Retail Properties PLC said Tuesday it has received the proceeds from its land interest sale at Rushden Lakes in Northamptonshire, England and will return 4.0 pence per

7 Aug 2018 15:01

LXB sells remaining land interests at Rushden Lakes

(Sharecast News) - Jersey resident closed-ended real estate investment company LXB Retail Properties announced on Tuesday that, on 3 August, it completed the sale of its remaining land interests at Rushden Lakes, and was now freed from its obligations in connection with Phase 4, the Garden Square scheme.

16 Mar 2018 14:57

LXB Retail Gains Court Approval To Reorganise And Wrap Up Business

LONDON (Alliance News) - Property investment firm LXB Retail Properties PLC said on Friday that the Royal Court of Jersey has sanctioned the reorganisation of the group, which

9 Feb 2017 10:17

LXB Retail's Rushden Lakes development referred to Sajid Javid

(ShareCast News) - Real estate investment property LXB Retail Properties said on Thursday that the Planning Committee of East Northamptonshire Council has voted unanimously to approve its application for a revised and enhanced development at Rushden Lakes. Following the approval and owing to the sca

9 Feb 2017 10:02

LXB's Rushden Lakes Application Referred To Javid As Committee Approve

23 Dec 2016 12:23

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