LXB Retail Properties has announced a 15.6% uplift in its EPRA NAV to 134.54p over the year that finished on 30 September 2014 and profit up from £25m to £36m. The year was notable for them securing 1.2m sq ft of new planning permissions within the portfolio.
They are offering shareholders a continuation vote at this year’s AGM and, in advance if this, the Board is drawing shareholders’ attention to their valuation policy which, they say, undervalues properties that are currently under development. In particular the valuation of a large project like Rushden Lakes would reflect that this is only 9% pre-let. Although, they say, there has been significant interest from potential occupiers seeking a presence at Rushden Lakes and the Group is now in discussion with a substantial number of retailers to take space alongside M&S’s 60,000 sq ft (30,000 sq ft on ground floor) unit.
The statement goes into each of their projects in some detail but they also highlight their excitement about their Living Villages concept where, for starters, they are hoping to build a 155 home village around a farm outside Truro in Cornwall.
The statement says that they are in discussions to sell three investments and expect to be able to free up cash of £140m within the next three months and is hinting that it will return a substantial part of that to shareholders.
LXB planning substantial cash return