31 Mar 2010 07:00
For immediate release 31 March 2010
LXB Retail Properties Plc (the "Company", "LXB Retail")
Second acquisition in Greenwich
LXB Retail, a closed-end real estate investment company focused on edge of town and out of town retail assets, announces that it has acquired the freehold interest in Bugsby's Way Retail Park in Greenwich for £10.25 million from a private investor, funded entirely from cash resources. The property is prominently situated on Bugsby's Way in close proximity to the two retail properties which the Company acquired earlier this year.
The existing retail park comprises of almost 37,000 sq ft of space let to three tenants, Dreams Plc, DSG Retail Limited and Steinhoff UK Group Properties Limited. The property has the benefit of an unrestricted retail consent.
The aggregate current passing rent is c. £0.44 million, although this is primarily derived from only two of the units at present.
The Company has acquired another holding in Greenwich in order to provide further development options within the wider Bugsby's Way area.
Tim Walton, CEO of LXB Manager, commented:
"We are pleased to have made this acquisition of an additional property within Greenwich, which is in line with our investment strategy of acquiring retail assets where the LXB team can add real value. We are currently working on a number of other potential opportunities in different locations across the UK."
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 / Jennie Spivey