LXB Retail Properties Plc Update on Planning Permission at Rushden Lakes (4771U)
October 24 2017 - 7:30AM
UK Regulatory
TIDMLXB
RNS Number : 4771U
LXB Retail Properties Plc
24 October 2017
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, 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
This information is provided by RNS
The company news service from the London Stock Exchange
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