LXB Retail Properties Plc Disposal of investment at Ayr (6244J)
September 13 2016 - 1:00AM
UK Regulatory
TIDMLXB
RNS Number : 6244J
LXB Retail Properties Plc
13 September 2016
13 September 2016
LXB Retail Properties Plc
(the "Company" or the "Group")
Disposal of investment at Ayr
Completion of disposal of B&Q Greenwich investment
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 12 September 2016 it
concluded an agreement to dispose of part of its property interests
in the Ayr scheme for total consideration of GBP5.0m. The Group is
also in advanced negotiations with a separate party for the
unconditional sale of its remaining interests in the investment at
Ayr. It is anticipated that this will realise a further sum in the
order of GBP2.9m.
The overall net effect of these transactions will have a
negligible impact on NAV.
The Group is also pleased to confirm that the disposal of its
B&Q investment, which was announced on the 26 August 2016,
completed on 12 September 2016 as expected realising GBP20.3m after
repayment of GBP23.0m bank debt.
Following completion of these transactions and along with the
net proceeds of the Kingsmead disposal which was announced on 18
August 2016 and completed on 24 August 2016, the Group is able to
consider a further return of capital to shareholders and a
Committee of the Board will meet shortly to consider options. A
further announcement will be made in due course.
Commenting on the transactions Tim Walton, CEO of LXB Adviser
LLP, said:
"The Group's divestment in Ayr represents further progress
towards the completion of the mandate given to the Board by
shareholders 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/Vicky Hayns/Patrick Hanrahan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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