LXB Retail Properties Plc Rushden Lakes & Stafford Riverside Lettings Update (8088I)
June 22 2017 - 1:00AM
UK Regulatory
TIDMLXB
RNS Number : 8088I
LXB Retail Properties Plc
22 June 2017
For Immediate Release 22 June 2017
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Rushden Lakes and Stafford Riverside lettings 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 further progress on lettings
at Rushden Lakes Phase 3 and at Stafford Riverside.
Since the last update in the announcement dated 14 June 2017,
the Group has exchanged two further pre-lets at Rushden Lakes to AJ
Cycles and Cotswold Outdoor.
AJ Cycles an independent bicycle retailer and Cotswold Outdoor
the outdoor leisure retailer are to take 4,000 sq ft and 6,000 sq
ft respectively within Phase 3. These lettings mean the Group is
now 29% let with a further 34% in solicitors' hands. The conditions
included in the funding arrangements with The Crown Estate require
a total of 75% of space on Phase 2 and 60% of space on Phase 3 to
be pre-let. This has been achieved on Phase 2 and will be achieved
on Phase 3 if the letting in solicitors' hands is exchanged. In
order to be unconditional, once the lettings thresholds have been
met, an unconditional planning permission is required and this is
with the Department for Communities and Local Government as
previously noted.
The Group has exchanged a further pre-let at Stafford Riverside
to Zizzi, the Italian restaurant group with 140 restaurants across
the UK & Ireland, who will take 2,300 sq ft. The agreement for
lease is subject to conditionality on minor planning and
construction matters. Works are anticipated to start shortly with
Zizzi expected to take access in the autumn. Two further units are
in solicitors' hands which leaves approximately 4,000 sq ft
(approximately 4% of floor space) to let, for which discussions are
ongoing.
Tim Walton, CEO of LXB Adviser LLP said:-
"The lettings at Rushden Phase 3 bring us closer to triggering
the cash receipt in respect of Phase 3 at Rushden Lakes and the
progress on Stafford Riverside means we are a step closer to having
a fully let scheme at this location."
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
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