LXB.L Regulatory News (LXB)

FOR IMMEDIATE RELEASE 26 April 2012

LXB Retail Properties Plc

Planning Consent achieved at Biggleswade

LXB Retail Properties Plc ('LXB'), the real estate investment company, announces that it has secured a resolution to grant planning permission for the redevelopment of its land holdings at London Road Biggleswade. Central Bedfordshire Council ('CBC') granted permission for 330,000 sq ft of non food open A1 retail consent, of which 10,500 sq ft can be used for food sales. The permission will be formally granted upon the signing of a S.106 agreement, the principles of which have already been agreed with CBC.

LXB has acquired nine separate interests in the last two years to enable a comprehensive redevelopment of the site which totals 16 acres, and announced in November 2011 that it had exchanged contracts with Marks & Spencer plc ('M&S') to anchor the scheme with a 60,000 sq ft store on two floors, subject to securing planning permission. The M&S lease is for 25 years with a tenant's break option at 15 years.

It is LXB's intention to relocate the existing tenants within the scheme and provide them with continuity of trade. Development will commence once these negotiations are completed.

Commenting on the planning committee's decision, Tim Walton CEO of LXB partners said:

"We are very pleased to announce the decision by the planning committee which follows a prolonged period of consultation with the various stakeholders in and around Biggleswade, from whom we received fantastic support. Central Bedfordshire Council is a progressive council that is seeking to boost investment, jobs and growth in its area and LXB identified Biggleswade as a place to invest in. The intention is to create a gateway flagship development for the town, which will complement the town centre providing the sort of retail offer that is not possible to replicate in the historic market town. The site's strategic location adjacent to the A1 will help to redress the expenditure leakage that the area currently experiences".

In the last 12 months we have achieved favourable planning decisions totalling over one million sq ft. This is a major step forward in realising the business plan objectives that LXB set out to undertake following its IPO in 2009.

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