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LXB Retail exchanges contracts to sell remaining Stafford, UK, investments

LXB Retail Properties Plc signed agreements to sell its two remaining investments at Stafford, England, and offered an update regarding lettings at Rushden Lakes and Sutton, U.K.

The group exchanged contracts for the sale of its retail investment at Riverside, Stafford, to Pavilion Property Trustees Ltd. and Pavilion Trustees Ltd., both serving in their capacity as joint trustees of the Gelos Property Unit Trust.

The sale is conditional on the provision of warranties, and the deal is anticipated to close on or about Jan. 23, 2018, when cash proceeds of £35.9 million will be received.

In addition, the group exchanged contracts with Legal & General Leisure Fund Trustee Ltd. and Legal & General Property Partners (Leisure) Ltd. for the forward-sale of its asset at Bridge Street, Stafford.

The development is set to encompass about 53,600 square feet and will be anchored by an Odeon cinema with seven restaurant units. Construction on the development is slated to complete in summer/early autumn of 2018.

Any further disbursements will be based on the completion of prospective lettings. If no further lettings are completed prior to the close of the lease to Odeon, this will give an estimated initial purchase price of £8.9 million.

In addition, the group revealed that Phase 1 of Rushden Lakes is now fully let, while Decathlon has agreed to take up 14,000 square feet in Phase 3 of the project.

Meanwhile, at Sutton, The Gym Group agreed to take a unit encompassing 12,206 square feet, subject to a change-of-use to allow for gym use. After completion, a final unit of 1,313 square feet remains to be let. The company noted that it has already agreed terms with a retailer for the final unit.