LXB Retail Properties Plc reports that it has exchanged contracts for the unconditional sale of its investment at Kingsmead Stafford to Triple Jersey Limited, a private investment vehicle.
The Group has previously exchanged an agreement with WM Morrison Supermarkets plc to surrender its leasehold interest in the Kingsmead site and completion of the surrender will take place simultaneously with completion of the sale. The proceeds from these two transactions, net of GBP21.8 million bank debt in relation to Kingsmead, total GBP4.2 million. Completion is scheduled to occur on 24 August 2016, at which time the net proceeds will be available to be returned to shareholders. A further announcement on that will be made in due course. The overall net impact of these transactions is expected to be a loss of less than 1p per share.
The Group remains committed to deliver practical completion of the final part of Kingsmead and this is expected to be achieved on 12 September 2016.
LXB : LXB Retail sells Kingsmead Stafford investment