LXB Retail Properties Plc Rushden Lettings update (0031I)
June 14 2017 - 2:00AM
UK Regulatory
TIDMLXB
RNS Number : 0031I
LXB Retail Properties Plc
14 June 2017
For Immediate Release 14 June 2017
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Rushden Lettings 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, is pleased to announce further progress on lettings
at Rushden Lakes.
Since the last update in the interim results for the period
ended 31 March 2017, the Group has exchanged five further lettings
at Rushden Lakes to Mountain Warehouse, Robert Goddard, Patisserie
Valerie, Flip Out, and Zizzi.
Outdoor leisure retailer Mountain Warehouse, Robert Goddard and
luxury café chain Patisserie Valerie are to take 2,731 sq ft, 2,292
sq ft and 1,561 sq ft respectively within the recently completed
Phase 1. Robert Goddard is a regional men's and women's fashion
retailer currently with seven stores across Cambridgeshire and
Northamptonshire. These three lettings mean the Group is now 92%
let with a further 1% in solicitors' hands. Active discussions are
ongoing with potential occupiers of all the remaining seven units
in Phase 1.
Flip Out is to take 28,912 sq ft within the Phase 2 leisure
building for use as a trampoline centre. Flip Out is the largest
trampoline centre operator in the UK with 13 locations nationwide.
Zizzi, the Italian restaurant group with 140 restaurants across the
UK & Ireland will take 3,000 sq ft. These lettings mean the
Group is now 86% pre-let on Phase 2 with a further 7% in
solicitors' hands.
The conditions included in the funding arrangements with The
Crown Estate require a total of 75% of space on Phase 2 and 60% of
space on Phase 3 to be pre-let, so this has now been achieved on
Phase 2 and will be achieved on phase 3 if lettings now in
solicitors' hands are exchanged. In order to be unconditional, once
the lettings thresholds have been met we need to have an
unconditional planning permission. As previously announced,
planning for Phases 2 and 3 was unanimously approved by the
Planning Committee of East Northamptonshire Council on 8 February
2017, but the application is currently with the Secretary of State
for Communities and Local Government for review. The ministerial
review was impacted by the calling of the General Election and the
resultant delay, together with the statutory six week Judicial
Review period which follows the Department for Communities and
Local Government's review, means that the Group is unlikely to be
fully unconditional with The Crown Estate on Phase 2 until the end
of August, at the earliest.
Tim Walton, CEO of LXB Adviser LLP said:-
"We are delighted with the progress made since our last update
to shareholders. These lettings are a big step towards triggering
the cash receipt in respect of Phase 2 at Rushden Lakes, in advance
of the proposed Scheme of Arrangement."
Phil Wrigley, Chairman of LXB Retail Properties Plc said:-
"In my Chairman's statement dated 21 November 2016 I said
that;
"The amount of ultimate value realisation is heavily dependent
on the grant of planning and a legal agreement with The Crown
Estate at Rushden Lakes and a successful sale of Stafford
Riverside, but your Board remains confident that the final figure
will be in excess of the NAV reported today"
The NAV at that date was 38.7p per share, as adjusted for a
further return of capital.
Today's announcement brings a successful conclusion to the sale
of Rushden Lakes Phase 2 a little nearer and whilst the caveats set
out in my statement of 21 November 2016 remain, the Board has no
reason to believe that in excess of the NAV of 38.7 p per share is
an unrealistic aim."
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/Victoria Hayns/Patrick Hanrahan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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