LXB Retail Properties Plc is a Jersey incorporated closed-ended real estate investment company, whose strategy is to invest in out-of-town and edge-of-town retail assets. The company has a strong and independent board of non-executive directors with significant relevant experience, chaired by Phil Wrigley.
The Company’s strategy is to capitalise on the structural change occurring in the out-of-town UK retail sector through focused acquisition of retail parks where there is scope, through development and asset management, to extract above average returns for Shareholders. The Group is an active investor and implements strategies to enhance the capital value of acquired assets.
LXB Retail Properties Plc was listed on AIM and CISX in October 2009.

http://www.lxbretailproperties.com/

A buy in IC this week - LXB exits Greenwich .

Supermarket developer LXB Retail (LXB) has sold three of its schemes in Greenwich, South-east London, and is in the process of selling the fourth. In aggregate, the prices achieved give a surplus over cost of £41m - or 26.5%. With their long leases and blue-chip tenants, supermarket sheds remain extremely popular with institutional investors. Assuming they go ahead, these deals should release substantial cash before the Sept year end, paving the way for a capital return of £103m. Management also expects to sell the groups remaining retail projects before the next years continuation vote, which will mark the fifth anniversary of LXB Retail's flotation on the aim.
That will leave just two larger scale mixed use developments in Ayr and Truro on the balance sheet. Progress on planning and lettings over the six months to the end of March pushed adjusted book value per share up 4.6% to 117p, based on valuation estimates by Jones Lang Laslle. For all the conservative talk of cutting red tape , management says the planning environment remains painfully slow.
Alongside the shortage of bank finance ,that's keeping a tight lid on retail development - making the group's schemes desirable to retailers and investors, despite the soggy climate for consumer spending.
LXB has consistently wrung growth out of the unpromising premise of retail development , and there is no reason why that should not change. Trading at about historic book value , despite recent disposals that are not yet factored into the balance sheet, the shares are starting to look cheap.

SHARE BUYBACK PROGRAMME

RNS


RNS Number : 6360H

LXB Retail Properties Plc

24 June 2013



For immediate release

24 June 2013





LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")

SHARE BUYBACK PROGRAMME


The Chairman's statement which formed part of the interim results announcement on 17 June 2013 included details of transactions and conditional transactions involving the Group's investment properties at Greenwich, indicating that, subject to satisfaction of the conditions to which individual contracts are subject, significant amounts of surplus cash will be generated over the next 18 months. The statement also noted that the Board of the Company is minded to return cash to shareholders as and when it becomes available.



Following the exchange of contracts for the unconditional sale of Stone Lake Retail Park for £32.95m (of which £2m is deferred pending satisfaction of certain conditions), the Board today announces its intention to commence a programme (the "Buyback Programme") for the purchase of its own ordinary shares ("Shares") through its broker, Oriel Securities Limited, which will act on its discretion to purchase Shares on the Company's behalf, subject to certain pre-set parameters, up to an aggregate cost of £20m.



Any Share purchases will be effected in accordance with the Company's general authority to buy back Shares as approved by shareholders at the Company's annual general meeting on 27 February 2013, the AIM Rules for Companies (the "AIM rules") and the rules of the Channel Islands Stock Exchange (the "CISX Rules").



The maximum price which may be paid for each Share is an amount equal to 105% of the average middle market closing price for the 5 business days immediately preceding the date of the purchase.



In addition, given the limited liquidity in the Shares it is possible that, on a given day, the Company may purchase more than 50 per cent of the average daily volume of the preceding 20 business days.



Any Shares purchased pursuant to the Buyback Programme will be cancelled and the purchase will be notified to a regulatory information service in accordance with the AIM Rules and the CISX Rules.



With the exception of Alastair Irvine (who may sell up to 468,750 of his total direct and indirect interest in 2,968,750 Shares), none of the directors intend to dispose of any of their shareholdings in the Company as part of the Buyback Programme. No member of the Investment Manager's team intends to participate in the Buyback Programme.



The directors consider that the Buyback Programme is the most cost efficient and appropriate way to return this excess cash to shareholders, particularly since the amount involved is not significant relative to the Company's market capitalisation. As indicated in the Chairman's statement, in the event that further cash is received (as a result of the transactions at Greenwich or otherwise) such that a large sum became available for return to shareholders, then the directors would continue to consult with shareholders as to the appropriate amount and form of any further returns of capital.



The Board has reviewed the status of each of the Group's investment projects for any material developments since the summary provided to shareholders on 17 June 2013 and considers that it has provided a comprehensive overview of the status of its investment projects and of when shareholders may expect to see progress reflected in the net asset value per share. The only additional development within the portfolio since that summary was issued is that the Group has now been granted planning permission to reconfigure the existing consent at Biggleswade to reflect the pre-letting agreements exchanged with M&S, Next and Matalan. The total floor space remains as previously stated.

INVESTMENT PORTFOLIO UPDATE

http://www.moneyam.com/action/news/showArticle?id=4891768

INVESTMENT PORTFOLIO UPDATE

RNS


RNS Number : 4045W

LXB Retail Properties Plc

07 November 2014







For immediate release

7 November 2014










LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")



INVESTMENT PORTFOLIO 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, today provides an update on developments at four of its investments since the portfolio update on 25 September 2014. Good progress continues to be made across the whole portfolio; specific developments since the September announcement are outlined below.



Banbury Gateway



As anticipated in the September announcement, the sale of this investment property to The Crown Estate concluded in October 2014 when the Group received proceeds of £42.5m. Under the terms of the sale, The Crown Estate will fund the construction works and the Group will oversee the development and letting of the remaining space. McLaren Construction have been appointed under a fixed price Design and Build contract and construction works are underway with practical completion scheduled for early autumn 2015. It is expected that this major shopping destination, which will include many leading retailers including M&S, Next and Primark, will be open in time for Christmas 2015.



The Group owns another investment property adjacent to the proposed entrance to Banbury Gateway and has granted The Crown Estate an option to acquire which may be exercised at any time prior to 15 January 2015.



Biggleswade



Construction is continuing on programme and is now well advanced with practical completion of Phase 1 of this three phase project anticipated in March 2015. This involves constructing six units in the main retail park and the three unit terrace ('Plot S') which stands opposite the main retail park.



Full implementation of the Group's planning permission for over 364,000 sq ft of retail space (251,000 sq ft on the ground floor) requires vacant possession and the local authority made Compulsory Purchase Orders ('CPO') earlier in 2014 in case vacant possession could not be secured by agreement. There have been two developments since the September announcement: terms have been agreed to secure vacant possession of the Laura Ashley unit; and the period during which the Secretary of State's decision to uphold the CPOs could be challenged under Judicial Review provisions has expired with no such challenges emerging.



Stafford



Construction of the multi-storey car park and the enabling works for both the Kingsmead and Riverside investments are continuing on schedule. The Group has signed terms with RBS to provide £23.35m of development funding for the car park and Kingsmead and has entered into fixed price Design and Build contracts with Simons Group for the construction work.



The Group is also in advanced discussions to provide development finance for the Riverside investment and hopes to sign a bank facility and appoint formally a building contractor shortly.



The Group's planning application for a multiplex cinema on the Bridge Street part of the site adjacent to the multi-storey car park and restaurant terrace was approved in October 2014 subject to satisfaction of the usual conditions and the Group is in advanced discussions on Heads of Terms which it is hoped will lead to a pre-let to a national cinema operator.

Truro



The September announcement noted that the Group's application for a development on the western side of Truro, which includes a 78,000 sq ft ASDA foodstore and 435 houses, had been deferred to a Planning Committee scheduled for 26 September 2014, when it would be considered alongside two other foodstore applications. Disappointingly, the hearing was deferred again to allow a fourth foodstore application which came forward just before the scheduled meeting to be considered at the same time. As far as LXB is aware, the Group's application (which had been recommended for approval by planning officers) is the only one which is pre-let to a foodstore operator. The Group has lodged an appeal against the non-determination of its application.



Summary



The September announcement reported a high level of activity across the whole portfolio including a number of potential new pre-lettings. This still remains the case with a number of agreements for lease in solicitors' hands. The announcement also noted that the Group was discussing a number of approaches to acquire individual investments; several such matters are in solicitors' hands at the current time although it does not necessarily follow that agreed transactions will result. The Group remains mindful that, with the continuation vote due to take place in early 2015, shareholders need to have an up to date understanding of progress on the Group's activities and the resultant impact on capital returns; further announcements will be made if and when these various discussions result in exchanged contracts.

IC - the prospect of receiving a dividend equivalent to a 31% yield gets our vote.

ST of IC today - Needless to say I rate LXB’s shares a strong buy at 86p and have an initial target price of 99p, or 15 per cent above the current level. This could prove conservative if my estimate of net asset value uplift is on the money. Buy.

Might be worth a punt - need some more property exposure.