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LXB Retail Properties nears asset sales, revises guidance

LXB Retail Properties PLC is in advanced discussions to sell its two remaining investments: the retail units at Sutton and Higher Newham Farm in Truro, U.K.

The U.K.-based retail property investor's board revised its guidance on the company's final cash net asset value to a range of 11.5 pence to 13.5 pence per share, before adjustment for a proposed return of cash of a further of 6 pence per share, equating to an aggregate of about £10.1 million, through a B share scheme. The cash is expected to be returned before the end of January 2019.

The board will further amend its NAV guidance to between 5.5 pence and 7.5 pence per share following the cash return.

In August, LXB's board announced plans to return approximately £6.7 million in cash to shareholders in the form of a 4 pence-per-ordinary-share dividend.