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LXB Retail Properties Plc  -  LXB   

Update on Rushden Lakes

Released 10:15 07-Aug-2018

RNS Number : 0551X
LXB Retail Properties Plc
07 August 2018
 

 

LXB Retail Properties Plc

(the "Company" or the "Group")

 

Update on 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, is pleased to announce that on 3 August 2018 the Group completed the sale of its remaining land interests at Rushden Lakes and is freed from its obligations in connection with Phase 4, the Garden Square scheme.

 

As referenced in the Interim Report of the Company for the 6 months ended 31 March 2018, a net cash receipt of just over £7.5m is expected to be received in the next few days. This cash receipt will crystallise a £2.5m increase to NAV over the carrying value of the assets included in the balance sheet of the Group in the Interim Report. This increase is in line with the final position 26 to 28 pence per share guidance.

 

Phase 3 at Rushden Lakes is now fully let following the conclusion of the final letting to Hobbycraft; Practical Completion occurred in early July and all tenants have now taken access. A further cash receipt of £2.7m is expected once the five leases are completed with the tenants, which is expected within the next four to six weeks.

 

An announcement about a further cash return to Shareholders will be made following receipt of the funds from the Crown Estate.

 

For further information please contact:

 

LXBᵌ Partners LLP

Tim Walton, CEO
Brendan 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

 


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Update on Rushden Lakes - RNS