LXB Retail Properties has reported a 3% rise in its net asset value to 111.6p a share despite the uncertain macro environment
The movement in the six months to March 2012 came on the back of a £10m – or 5% – hike in the value of the group’s property portfolio to £222m.
This followed 300,000 sq ft of prelets to Marks & Spencer and planning consents at Gloucester, Stafford and Banbury during the period.
Its portfolio now comprises six food-led and three fashion-led projects.
After the end of the reporting period for its interim results, LXB also secured resolution to grant planning at Biggleswade and it expects planning committee decisions at Rushden and Greenwich “shortly”.
Since IPO, LXB has prelet 797,300 sq ft and is currently in “meaningful discussions” concerning prelets on a further 506,250 sq ft, as well as two 120-bedroom hotels.
At the end of the period LXB had cash of £97.1m, which is allocated to existing projects and pipeline opportunities.
The group has previously said it will use debt to finance the development phase of its projects, and is currently negotiating facilities, with “substantial appetite from lenders”.
Chairman Phil Wrigley said: “During the current financial year we have secured planning consent (or resolution to grant planning consent subject to signing section 106 agreements) at Sheppey, Banbury, Biggleswade, Gloucester, Stafford, and for our hotel scheme at Greenwich.
“We are also expecting planning committee decisions at Rushden and for the Sainsbury’s/Marks & Spencer at Greenwich shortly. Since the IPO, the group has obtained new planning consents for over 1.1m sq ft of new retail space and 300,000 sq ft for other employment uses and secured an anchor tenant at each of those locations.
“If the Rushden and Greenwich applications are successful, we will have achieved consent for new space totalling approximately 2.1m sq ft.”
bridget.o’connell@estatesgazette.com
