LXB Retail Properties sells part of Ayr investment

13th Sep 2016 10:45

(ShareCast News) - Jersey-resident closed-ended real estate investment company LXB Retail Properties reported on Tuesday that it has concluded an agreement to dispose of part of its property interests in the Ayr scheme for total consideration of £5.0m.The AIM-traded group said it is also in "advanced negotiations" with a separate party for the unconditional sale of its remaining interests at Ayr.It is anticipated that will realise a further £2.9m.The board said the overall net effect of the transactions will have a negligible impact on net asset value.At the same time, LXB also confirmed that the disposal of its B&Q investment, which was announced on 26 August, was completed on 12 September 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 and completed on 24 August, the group said it is able to consider a further return of capital to shareholders, and a committee of the board will meet shortly to consider options."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," said LXB Adviser CEO Tim Walton.