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Portfolio update

26 Mar 2018 09:00

RNS Number : 8777I
LXB Retail Properties Plc
26 March 2018
 

 

26 March 2018

 

 

 

 

LXB RETAIL PROPERTIES PLC

("LXB")

 

 

Portfolio update following Court approval of scheme of arrangement

 

 

LXB, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets today announces the following portfolio update following the approval of the Royal Court of Jersey to the proposed reorganisation of the LXB Group. The Group is committed to delivering on the shareholders mandate to realise any remaining value in the form of cash to its shareholders as quickly as possible subject to the contracts and obligations that it retains as it completes its last few developments. 

At Rushden Lakes discussions are ongoing with Highways England to resolve any outstanding liabilities in relation to the highways contract although at the current time there is no further material progress to report. 

Progress continues to be made on final lettings albeit in a very challenging occupational market. In the Phase 2 leisure element, contracts have been exchanged with Out of Office Coffee to take a 1,100 sq ft unit and terms are agreed and solicitors instructed on a unit of 1,950 sq ft. In addition, terms are agreed on a further restaurant unit of 3,500 sq ft. This leaves two final units to let comprising a combined floorspace of 6,000 sq ft. On Phase 3, the retail terrace, terms are agreed for the final 6,000 sq ft unit. The build contracts for both phases remain on target with Practical Completion of Phase 2 due in January 2019 and Practical Completion of Phase 3 in June 2018. 

On Phase 4, The Garden Square, a resolution to grant planning consent was approved at the planning committee of East Northamptonshire District Council on 14 March 2018. The scheme will go back to the April planning committee to finalise the wording of several planning conditions which were deferred by the committee in March. The application will then need to be referred to the Department for Communities and Local Government to confirm that they do not wish to call the scheme in for review. The Garden Square comprises 13 units totalling 17,500 sq ft of ground floor space. At present three units are in solicitors hands with terms agreed on a further two units. 

Discussions are ongoing with The Crown Estate in respect of the funding of the Garden Square phase, as it is unlikely that it can be delivered prior to 31 March 2019 in line with the current Development Agreement, and in relation to the release of the Phase 1 performance bond held in favour of The Crown Estate. These discussions are expected to be concluded shortly and should lead to the release of the bond and a further return of cash to shareholders. 

At Stafford the build for the leisure element is due to complete in August. No further lettings have been agreed in what remains a difficult occupational market.

At Biggleswade, terms are agreed and solicitors are instructed with two retailers in respect of the sub-division of the final unit. Planning approval is expected in April and it is hoped the leases will complete by the Autumn, following the sub-division works.

Terms are agreed and solicitors are instructed on the sale of the remaining interests at Sutton and the Isle of Sheppey. These sales are expected to complete in April / May 2018. 

The Board still believes there is a reasonable prospect that the previous NAV guidance of between 30p and 35p in cash over the period to 31 March 2019 can be met; however with the continuing difficulties in the occupier markets, in particular the Group's exposure to the occupational leisure market, the expectation is that it will be at the lower end of this range.

 

For further information please contact:

 

LXB Adviser LLP

Tim Walton, CEOBrendan O'Grady, FD

 

Tel: 020 7432 7900

J.P. Morgan Cazenove (NOMAD)

Bronson Albery/Paul Hewlett

 

Tel: 020 7742 4000

Buchanan

Charles Ryland/Henry Wilson

Tel: 020 7466 5000

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
PFUGLGDXIXDBGIL
Date   Source Headline
23rd May 20197:30 amRNSSuspension - LXB Retail Properties Plc
21st May 20191:45 pmRNSDissolution Order & Dissolution Return of Capital
20th May 20195:30 pmRNSLXB Retail Properties
20th May 20194:40 pmRNSSecond Price Monitoring Extn
20th May 20194:35 pmRNSPrice Monitoring Extension
20th May 201912:07 pmRNSSecond Price Monitoring Extn
20th May 201912:02 pmRNSPrice Monitoring Extension
20th May 20197:00 amRNSTransfers and sales of remaining subsidiaries
16th May 20194:40 pmRNSSecond Price Monitoring Extn
16th May 20194:35 pmRNSPrice Monitoring Extension
10th May 20194:40 pmRNSSecond Price Monitoring Extn
10th May 20194:35 pmRNSPrice Monitoring Extension
30th Apr 20192:15 pmRNSDissolution Return of Capital update
30th Apr 201912:07 pmRNSSecond Price Monitoring Extn
30th Apr 201912:02 pmRNSPrice Monitoring Extension
29th Apr 20194:36 pmRNSPrice Monitoring Extension
23rd Apr 20194:36 pmRNSPrice Monitoring Extension
18th Apr 20194:00 pmRNSCourt Dissolution Hearing and NAV update
27th Mar 20197:00 amRNSResults of Meetings
21st Mar 20194:40 pmRNSSecond Price Monitoring Extn
21st Mar 20194:35 pmRNSPrice Monitoring Extension
4th Mar 20197:00 amRNSProposed Company Dissolution
26th Feb 20197:00 amRNSFull Year Results
20th Feb 20195:40 pmRNSReturn of Cash Announcement
19th Feb 20194:45 pmRNSFurther Return of Cash
3rd Jan 20194:35 pmRNSPrice Monitoring Extension
21st Dec 20183:30 pmRNSDisposal of Investment at Sutton
20th Dec 20185:30 pmRNSReturn of Cash Announcement
13th Dec 20187:00 amRNSPortfolio, NAV and Proposed Return of Cash Update
5th Oct 20184:30 pmRNSUpdate on Biggleswade
7th Sep 20182:30 pmRNSDisposal of Leisure Investment at Stafford
29th Aug 20185:45 pmRNSNOTIFICATION OF MAJOR HOLDINGS
17th Aug 20187:00 amRNSReturn of Cash Announcement
14th Aug 20183:30 pmRNSFurther Return of Cash
7th Aug 201810:15 amRNSUpdate on Rushden Lakes
18th Jul 20182:30 pmRNSUpdate on Disposal of Investments
4th Jul 20182:00 pmRNSPDMR Notification
3rd Jul 20185:00 pmRNSReturn of Cash Announcement
3rd Jul 20185:00 pmRNSPublication of Interim Report and Accounts
29th Jun 20187:00 amRNSInterim Results
11th Jun 20181:45 pmRNSUpdate on Return of Cash
26th Mar 20189:00 amRNSPortfolio update
16th Mar 20182:00 pmRNSCourt sanction of scheme of arrangement
27th Feb 20184:00 pmRNSResult of Annual General Meeting
27th Feb 20184:00 pmRNSResult of Court Meeting
19th Feb 201812:30 pmRNSNOTIFICATION OF MAJOR HOLDINGS
7th Feb 201810:00 amRNSClarification of blue proxy return date
5th Feb 201811:00 amRNSNotification of Major Holdings
5th Feb 20187:00 amRNSCourt Scheme, Returns of Cash & AGM
22nd Dec 20177:00 amRNSDisposals at Stafford & further lettings

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