LXB Retail Properties Plc Update on Planning Status at Rushden Lakes (9580D)

TIDMLXB

RNS Number : 9580D

LXB Retail Properties Plc

03 May 2017

LXB Retail Properties Plc

(the "Company" or the "Group")

Update on Planning Status at Rushden Lakes

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 able to provide an update on progress with the planning application for the revised Phases 2 and 3 at Rushden Lakes.

The planning application, which was unanimously approved by the Planning Committee of East Northamptonshire Council on 8 February 2017, has been submitted to the Secretary of State for Communities and Local Government to consider whether to call it in for review. The Group previously guided an expectation that the planning process would be complete by May 2017 enabling a start on site in June 2017 but has recently been advised that, because of the General Election, it is unlikely that any Ministerial decision will be taken until after 8 June 2017.

Inevitably this has implications for when the arrangements governing the revised phases will become unconditional with The Crown Estate. It also has an impact on when the Group can start on site on Phases 2 and 3 because the 6 week judicial review period does not commence until after the s106 Agreement is signed, and this cannot be done until a decision has been made by the Secretary of State. It is likely, therefore, that no meaningful start on site will be made before August 2017.

Further details will be made available once the planning consent for the revised phases at Rushden Lakes has been completed.

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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May 03, 2017 02:00 ET (06:00 GMT)