7th Nov 2014 09:54
LONDON (Alliance News) - LXB Retail Properties PLC Friday said good progress has been made across its portfolio, ahead of a continuation vote in early 2015.
The company has concluded the sale of Banbury Gateway for GBP42.5 million to The Crown Estate, which will now fund construction works while LXB oversees the development and letting of the remaining space. Construction works are underway and the company expects the site to be open in time for Christmas 21015. The company has also granted The Crown Estate an option to acquire an adjacent property which may be exercised before January 15.
Construction at its Biggleswade site is progressing and phase one completion is expected in March. Terms have been agreed to secure vacant possession of the Laura Ashley unit and there have been no challenges to Compulsory Purchase Orders to secure planning permission, it said.
The company has secured GBP23.35 million in development financing for its Kingsmead and Riverside sites in Stafford and construction is continuing on schedule. Planning application for a nearby cinema complex was approved in October.
The company's Truro development application hearing has again been deferred and it has lodged an appeal against the non-determination of its application.
In early trade, shares were down 0.7% at 136.5 pence.
By Ian Edmondson; [email protected]
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