LONDON (Alliance News) - Real estate investment company LXB Retail Properties PLC said Friday it has agreed the sale of its investment in Neats Court Retail Park on the Isle of Sheppey.
LXB said it will sell the investment for GBP11.3 million to Lightstone Neatscourt LLP. The net proceeds will be GBP6.3 million after the repayment of GBP5.0 million bank borrowings secured on the investment.
The sale is unconditional and expected to occur on January 25, 2017.
LXB said the sale price is not materially different from the valuation of the investment in its results for its financial year ended September 30, and represents a net yield of 7.0%.
After completion of the deal LXB retains an investment in a 10,000 square foot retail and restaurant scheme under construction in Sheppey, scheduled for completion in June 2017.
"The group continues to make good progress with its remaining investments. The sale of Neats Court Retail Park represents a further significant step in effecting an orderly disposal of the group's remaining assets in accordance with the shareholder vote made in February of this year," said Tim Walton, chief executive officer of LXB Adviser LLP.
Shares in LXB Retail Properties were down 1.4% at 36.25 pence Friday.
By Adam Clark; adamclark@alliancenews.com
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