LXB Retail Properties, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, has exchanged contracts for the disposal of its two remaining investments at Stafford.
It is selling its retail investment at Riverside, Stafford to Pavilion Property Trustees and Pavilion Trustees Limited in their capacity as Joint Trustees of the Gelos Property Unit Trust, managed by Legal & General for £35.9m.
The sale price reflects a net yield of 6.5% for the group’s freehold interest.
It has also agreed the forward sale of the leisure investment at Bridge Street, Stafford to Legal & General Leisure Fund Trustee and Legal & General Property Partners (Leisure).
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