6 Jul 2016 11:00
For Immediate Release | 06 July 2016 |
LXB Retail Properties Plc
(the "Company" or the "Group")
Update on Disposal Discussions
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets today updates the market on previously announced disposal discussions.
The Chairman's Statement accompanying the Interim Results for the period ended 31 March 2016 (issued on 1 June 2016) reported that certain disposal discussions were in solicitors' hands and, if concluded satisfactorily, would secure a surplus of approximately £4m over the 31 March 2016 balance sheet value. Discussions have continued since that time, however the Group has concluded that these will not lead to a satisfactory outcome and therefore disposal discussions have terminated.
The Group continues to look to realise the value of its investment in a timely way under the mandate provided by shareholders on 29 February 2016.
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/Vicky Hayns/Patrick Hanrahan