LXB sells investments in Greenwich and Kingsmead
Forsters has advised LXB Retail Properties Plc ("LXB"), the Jersey resident closed-ended real estate investment company, in relation to the disposal of two investment assets.
The sale of the long leasehold interest in a 93,500 sq ft B&Q store in Greenwich to a UK based private investor was completed in September. The sale price was £43.3 million. The store was acquired by LXB in mid-2015, part funded by a £23 million loan facility from Royal Bank of Scotland plc, as part of LXB's major retail redevelopment scheme in the Royal Borough, on which a multi-disciplinary Forsters team has acted on a long-term basis.
In addition, the disposal of the 8-acre Kingsmead site in Stafford to an off-shore entity completed in August. The consideration received was £26 million.
Commenting on the disposals, Tim Walton, CEO of LXB Adviser LLP, said:
"The sale of the B&Q investment is excellent news for the shareholders of LXB Retail Properties Plc. It is further testament to the quality of the Group's investments that LXB has been able to achieve this sale in a cautious post-Brexit investment market. That sale and completion of the Kingsmead transaction are further significant steps in effecting an orderly disposal of the Group's remaining assets in accordance with the shareholders' vote in February of this year."
Commercial Real Estate partner, Eugene McMahon, led the team advising LXB in relation to the disposals, assisted by Ben Brayford and Hannah Rickard in relation to Greenwich and Amanda Bottaro in relation to Stafford.