24 Oct 2017 12:30
| 24 October 2017 |
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Update on Planning Permission at Rushden Lakes
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, has previously reported that the revised planning consent which was issued on 11 September 2017 was subject to a statutory review period. The time limit for interested parties to request a judicial review in connection with the planning consent expired at 4.30pm yesterday, 23 October 2017. The Administrative Court office does not indicate that such a request was made by that deadline, in which case the enhanced planning consent would now be confirmed and beyond challenge. Shareholders should, however, be aware that the Court office has a backlog of claims to process (recently it was up to 7 days) so the Group does not yet have final confirmation of the position.
The Group's legal advisers will continue to monitor the register and a further announcement will be made once the position is beyond doubt. As well as confirming the planning consent position, that further announcement will also provide an update on recent lettings at Rushden Lakes, and on the implications for the revised funding agreement with The Crown Estate. To the extent that it is in Shareholders' interests to do so, the Group will also provide an update on discussions relating to the cost of the Highways works at Rushden.
Shareholders will understand that it is impossible to be precise concerning the timing of that further announcement. However, the expectation is that the update will be issued within 10 days.
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