LXB Retail Properties Plc Rushden Lakes update (4500W)

TIDMLXB

RNS Number : 4500W

LXB Retail Properties Plc

09 February 2017

 
    9 February 2017 
 

LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")

Rushden Lakes 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 report that yesterday evening the Planning Committee of East Northamptonshire Council voted unanimously to approve the Group's application for a revised and enhanced development at Rushden Lakes.

Following that approval, owing to the scale of the proposed development, the matter must now be referred to the Secretary of State for Communities and Local Government to consider whether to "call in" the application. If the Secretary of State does not wish to review the decision, the planning permission will be issued upon the signing of a section 106 agreement.

A further announcement will be made as and when appropriate.

The Company can also confirm that the sale of Neats Court Retail Park which was announced on 23 December 2016 completed as scheduled on 25 January 2017.

The Board is to meet in March 2017 following which a further announcement will be made on progress in delivering the mandate to realise cash from the Group's portfolio of investments.

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

END

MSCTLMLTMBIMMJR

(END) Dow Jones Newswires

February 09, 2017 04:50 ET (09:50 GMT)