LXB Retail Properties Plc Disposal of Neats Court Retail Park, Sheppey (7573S)
23 December 2016 - 11:15PM
UK Regulatory
TIDMLXB
RNS Number : 7573S
LXB Retail Properties Plc
23 December 2016
For immediate release 23 December 2016
LXB RETAIL PROPERTIES PLC
('LXB', the 'Company' or the 'Group')
Disposal of Neats Court Retail Park, Sheppey
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 report that on 23 December 2016 it
exchanged contracts for the sale of its investment at Neats Court
Retail Park, Sheppey to Lightstone Neatscourt LLP. The property is
let to seven retailers: Sports Direct, B&M, Iceland, The
Original Factory Shop, Pep & Co, Cancer Research and Poundland
at a current rental of GBP851,510 per annum.
The sale is unconditional and completion is expected to occur on
25 January 2017 when cash proceeds of GBP11,342,500 will be
received. A 10% deposit was paid on exchange of contracts.
Completion of the disposal will release cash of GBP6,342,500
after repayment of the GBP5,000,000 bank borrowings which are
secured on the investment, and details of the Board's proposals for
use of the net proceeds will follow when the transaction has
completed. The sale price, which is not materially different from
the valuation included in the Net Asset Value reported in the
Group's Results for the year to 30 September 2016, reflects a net
yield of 7% for the Group's freehold interest.
After completion of this disposal, the Group's remaining
interest at Sheppey will be the 10,000 sq ft retail and restaurant
scheme which is currently under construction and scheduled for
completion in June 2017. Pre-lets are already in place with Costa
Coffee, Burger King, Subway and Starbucks and marketing of the
remaining three units, comprising approximately 3,000 sq ft in
total, continues.
Since the last announcement on the 19 December 2016, the Group
is pleased to announce that it has also exchanged another five
pre-lets at Rushden Lakes.
Tim Walton, CEO of LXB Adviser LLP, said:-
'The Group continues to make good progress with its remaining
investments. The sale of Neats Court Retail Park represents a
further significant step in effecting an orderly disposal of the
Group's remaining assets in accordance with the Shareholder vote
made in February of this year.'
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
DISLLFELFDLVFIR
(END) Dow Jones Newswires
December 23, 2016 07:15 ET (12:15 GMT)
Lxb Retail Properties (LSE:LXB)
Historical Stock Chart
From Apr 2024 to May 2024
Lxb Retail Properties (LSE:LXB)
Historical Stock Chart
From May 2023 to May 2024