Rushden Lakes update

LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")

Rushden Lakes 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, is pleased to report that yesterday evening the Planning Committee of East Northamptonshire Council voted unanimously to approve the Group's application for a revised and enhanced development at Rushden Lakes.

Following that approval, owing to the scale of the proposed development, the matter must now be referred to the Secretary of State for Communities and Local Government to consider whether to "call in" the application. If the Secretary of State does not wish to review the decision, the planning permission will be issued upon the signing of a section 106 agreement. 

A further announcement will be made as and when appropriate.

The Company can also confirm that the sale of Neats Court Retail Park which was announced on 23 December 2016 completed as scheduled on 25 January 2017. 

The Board is to meet in March 2017 following which a further announcement will be made on progress in delivering the mandate to realise cash from the Group's portfolio of investments.

For further information please contact:

LXB Adviser LLP Tel: 020 7432 7900

Tim Walton, CEOBrendan O'Grady, FD

J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000

Bronson Albery/Paul Hewlett

Buchanan Tel: 020 7466 5000

Charles Ryland/Victoria Hayns/Patrick Hanrahan