LXB Retail Properties Plc Update on Rushden Lakes (0551X)

TIDMLXB

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 GBP7.5m is expected to be received in the next few days. This cash receipt will crystallise a GBP2.5m 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 GBP2.7m 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:

 
LXB Partners 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/Henry Wilson

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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August 07, 2018 05:15 ET (09:15 GMT)

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