LXB Retail Properties Plc Dissolution Return of Capital update (6011X)
30 April 2019 - 11:15PM
UK Regulatory
TIDMLXB
RNS Number : 6011X
LXB Retail Properties Plc
30 April 2019
LXB Retail Properties Plc
(the "Company" or the "Group")
Dissolution Return of Capital 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 that an acceptable planning
permission for the change of use and subdivision works of the
Greggs and Blue Mountain Yard units at Rushden Lakes has now been
received and that the balancing payment due from the Crown Estate
has been agreed, subject to completion of the leases. Blue Mountain
Yard have already taken access to fit out their unit, with Greggs
due to take access in the coming weeks. During this process, one of
the other leisure operators, which is contracted to take two units,
has informed the Company that it will not be occupying either of
them. Clearly this will increase the competition for the remaining
units. In agreeing the balancing payment with the Crown Estate,
additional costs of approximately GBP0.7m were required to be
factored in over and above those previously estimated, primarily in
relation to vacant units and service charge caps.
Furthermore, Highways England have also confirmed that they do
not expect the contractor to finish all the remaining outstanding
highways works before the end of May 2019 and that the expected
final contract sum (including irrecoverable VAT) will result in
further costs of over GBP0.4m.
As a result of the above and further to the announcement made on
18 April 2019, the final Court approved return of capital to
shareholders proposed to be made in connection with the dissolution
of the Company is expected to be approximately GBP2.0m, (1.2 pence
per share).
For further information please contact:
LXB3 Partners LLP Tel: 020 7432 7900
Tim Walton, CEO
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Henry Wilson
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END
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