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21 Jan 2010 07:00
For immediate release 21 January 2010
LXB Retail Properties Plc (the "Company", "LXB Retail")
LXB Retail makes acquisition in Greenwich
LXB Retail announces that it has acquired the long leasehold interest of two existing retail assets and a development site in Greenwich for £18.25 million from private family businesses, funded entirely from cash resources. The two properties are adjacent and situated on Bugsby's Way, opposite a fashion park and ASDA foodstore.
The existing retail assets comprise of almost 70,000 sqft of space let on leases, with short term expiries, to Matalan and Lidl. Both properties benefit from unrestricted retail consent. The adjacent development site has planning consent for 27,500 sqft of 'bulky goods' retail space.
The aggregate current passing rent is c.£0.985 million, and at an average rent of about £14.60 per sqft provides an excellent base for rental growth.
LXB Retail will look to incorporate the development site into the existing retail to provide c.100,000 sqft of modern retail space.
Tim Walton, CEO of LXB Manager, commented:
"It is exciting to be making LXB Retail's first acquisition since the IPO in October last year, and Greenwich is exactly the sort of opportunity that we highlighted to investors at that time. We continue to look at a number of opportunities in the market and hope to be able to announce further acquisitions in the near future."
For further information please contact:
LXB Manager LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
Buchanan Communications Tel: 020 7466 5000
Charles Ryland / Nicola Cronk / Miranda Higham
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