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 £5.0m. 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 £2.9m.
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 £20.3m after repayment of £23.0m 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