LXB sells remaining land interests at Rushden Lakes

7th Aug 2018 15:01

(Sharecast News) - Jersey resident closed-ended real estate investment company LXB Retail Properties announced on Tuesday that, on 3 August, it completed the sale of its remaining land interests at Rushden Lakes, and was now freed from its obligations in connection with Phase 4, the Garden Square scheme.The AIM-traded firm said that, as referenced in its interim report, a net cash receipt of just over £7.5m was expected to be received in the next few days.That cash receipt would crystallise a £2.5m increase to net asset value over the carrying value of the assets included in the balance sheet of the group in the Interim Report.LXB said the increase was in line with the final position 26p to 28p per share guidance."Phase 3 at Rushden Lakes is now fully let following the conclusion of the final letting to Hobbycraft; practical completion occurred in early July and all tenants have now taken access," LXB explained in its statement."A further cash receipt of £2.7m is expected once the five leases are completed with the tenants, which is expected within the next four to six weeks."An announcement about a further cash return to shareholders would be made following receipt of the funds from the Crown Estate, the company said.