16 January 2018

Forsters advise LXB on Stafford sales

Forsters has advised Jersey resident closed-ended real estate investment company LXB Retail Properties Plc (“LXB”) on the disposal of its remaining retail investments in Stafford.

Contracts were exchanged late last year for the sale of LXB’s interest in the multi-let Riverside scheme to the trustees of the Gelos Property Unit Trust, managed by Legal & General. Tenants at the Riverside include M&S, Primark, New Look, River Island, Outfit, Zizzi, JD Sports, Greggs, Vision Express, H&M and Costa.

The headline price is £36.8 million, with cash proceeds of £35.9 million to be received on completion, which is anticipated for the end of January. LXB has also exchanged contracts on the forward sale of the neighbouring Waterfront leisure development scheme with the trustees of the Legal & General Leisure Fund. The 53,600 sq ft scheme will be anchored by a six screen Odeon cinema with seven restaurant units where tenants include Nandos and Frankie & Benny’s, both of whom are already trading. Construction is due to reach completion in summer/early autumn of 2018.

Forsters has advised throughout LXB’s ownership and development of the schemes at Stafford, led by Commercial Real Estate partner Eugene McMahon. He was assisted on the disposals by senior associate, Hannah Rickard. Head of Construction Sarah Cook, senior associate Emily Holdstock and associate Philippa Cooper have advised on construction matters, with partner Elizabeth Small advising on tax.

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