LXB Retail Properties Plc Disposal of investment at Ayr (6244J)

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: [phone]

Tim Walton, CEO

Brendan O'Grady, FD

J.P. Morgan Cazenove (NOMAD) Tel: [phone]

Bronson Albery / Paul Hewlett

Buchanan Tel: [phone]

Charles Ryland/Vicky Hayns/Patrick Hanrahan

This information is provided by RNS

The company news service from the London Stock Exchange

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September 13, 2016 02:00 ET (06:00 GMT)