LXB Retail Properties Plc Rushden Lakes & Stafford Riverside Lettings Update (8088I)

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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: [phone]

Tim Walton, CEO

Brendan O'Grady, FD

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

Bronson Albery/Paul Hewlett

Buchanan Tel: [phone]

Charles Ryland/Victoria Hayns/Patrick Hanrahan

This information is provided by RNS

The company news service from the London Stock Exchange

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June 22, 2017 02:00 ET (06:00 GMT)