26 Apr 2017 07:00
For Immediate Release |
26 April 2017 |
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Lettings and cash receipt at Biggleswade and Rushden update
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, is pleased to announce two further lettings at London Road Retail Park, Biggleswade.
These lettings to Cotswold Outdoor and Argos will trigger a cash receipt of approximately £3.2m with a further cash receipt due when the final unit of circa 8,000 sq ft is also let. The quantum of that payment will depend on the terms achieved on the final letting.
The receipt of the £3.2m has no material impact on NAV.
Since the last update in the Chairman's Letter to Shareholders on 5 April 2017, a further pre-let has exchanged at Rushden Lakes Phase 1. As a result, 88% is now pre-let by floor area with pre-lets covering a further 4% in solicitors' hands and a further pre-let is now in solicitors' hands on Phase 2.
Tim Walton, CEO of LXB Adviser LLP said:-
"These lettings and the imminent Biggleswade cash receipt are a positive step towards the realisation of cash in advance of the proposed Scheme of Arrangement, as set out in the recent Chairman's letter to Shareholders."
For further information please contact:
LXB Adviser LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Victoria Hayns/Patrick Hanrahan