Acquisition of Rushden Lakes Shopping Park

 FOR IMMEDIATE RELEASE 12 May 2011

LXB Retail Properties Plc

Acquisition of Rushden Lakes Shopping Park ("The Lakes")

LXB Retail Properties Plc ("LXB"), the real estate investment company, announces that it has purchased a 244 acre site (of which 31 acres are developable) alongside the A45 on the edge of Rushden in Northamptonshire for £4.525 million. The site is situated opposite a Waitrose Food & Home store, a Focus DIY and a Lidl. The A45 is the main arterial route between Junction 15 of the M1 at Northampton and the A14/A1 Junction. The catchment area is large with over 100,000 people living within a 10 minute drive time and over 600,000 within a 30 minute drive time (2001 Census).

The 31 acres alongside the A45 is brownfield land and benefits from an extant planning permission for 550,000 sq ft of offices which remains unimplemented and is currently in the process of being renewed. LXB has been in discussions with East Northamptonshire Council to bring forward an alternative retail scheme of up to 250,000 sq ft to include a garden centre with ancillary retail and home and lifestyle shopping as part of a comprehensive shopping park at a total estimated cost of c£40 million. The development, subject to planning permission, is intended to also benefit from a hotel and various leisure activities together with substantial enhancement and investment into the East Northamptonshire Greenway. The East Northamptonshire Greenway project aims to develop a network of routes for walking and cycling in the south of the district. These would link open spaces together with opportunities for informal recreation and alternative means of transport to services and facilities. The project will also provide safe routes that young people need to walk and cycle to school. The majority of the site is designated as a Site of Special Scientific Interest (SSSI).

LXB intends that the proposed retail offer at The Lakes will be complementary to and supportive of the existing Rushden High Street, and measures will be taken to ensure both shopping offers remain viable options for customers through linked trips and greater choice. Alongside shoppers, The Lakes hopes to attract visitors to the area, which will give a new potential market for the wide range of independent retailers in the high street and the local tourist industry. Once fully developed, The Lakes could employ over 350 people in both full and part time positions covering both retail and leisure services.

Due to the unique setting of the development area adjoining the SSSI site it is LXB's intention to work with Natural England and other bodies to improve the relationship between the SSSI site and the development site. The latter has become neglected, suffering from vandalism and rubbish dumping. The intention is to increase the ability for members of the public to access the Greenway as part of a controlled environment and create connectivity with the shopping park, resulting in an enjoyable retail and leisure experience for Rushden and the surrounding area.

Commenting on the acquisition Tim Walton, CEO of LXB Manager LLP, said,

"The site is extremely well located and the principle of development on the brownfield element of the site has already been confirmed. We are working with the Local Authority to bring the site forward for development and have been approached by several key anchor tenants who have identified its important position in East Northamptonshire".

For further information please contact:

LXB Manager LLP Tel: 020 7432 7900

Tim Walton, CEO

Brendan O'Grady, FD

Buchanan Communications Tel: 020 7466 5000

Charles Ryland / Nicola Cronk