6 Oct 2017 10:15
| 6 October 2017 |
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Trading 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, provides an update on current trading.
On 14 June 2017 the Board stated that it had no reason to believe that in excess of the NAV of 38.7p per share was an unrealistic aim. However, subsequent progress at Stafford Riverside and Rushden Lakes has been disappointing as a result of a softening in both the lettings and investment market and most recently in consequence of potential serious cost over-runs in connection with the highways works at Rushden. The Board's expectation of NAV is now below previous guidance.
A further update will be provided within 14 days when the Board expects to be in a position to provide a more detailed assessment of the likely impact on NAV, but the current expectation is that a range of 30 to 35p is more realistic.
For further information please contact:
LXB Adviser LLP Tel: 020 7432 7900
Tim Walton, CEOBrendan 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