LXB in double deal with L&G

LXB Retail Properties has exchanged contracts for the disposal of its two remaining investments at Stafford.

Gelos Property Unit Trust, managed by Legal & General has bought the Riverside retail park in Stafford £36.8m. The property is let to 13 retailers: M&S, Primark, New Look, River Island, Outfit, Zizzi, JD Sports, Greggs, Vision Express, H&M, Costa, Acapella and Save our Soles. The sale price reflects a net yield of 6.5% for the Group’s freehold interest.

At the same time Legal & General Leisure Fund has forward -purchased LXB’s leisure development at Bridge Street, Stafford for £8.9m. This 53,600-sq ft development will anchored by a six-screen Odeon cinema with seven restaurant units, two of which are open and let to Nando’s and Frankie & Benny’s. Construction is scheduled for completion in the summer/early autumn of 2018. The agreement reflects a net yield of 5.25 per cent for the cinema and 6 per cent on the restaurant units.

LXB CEO Tim Walton said: “The group continues to make good progress with its remaining investments. The sale of Riverside and Bridge Street at Stafford represents a further significant step in effecting an orderly disposal of the group’s remaining assets and once the sale of the leisure element is completed, concludes the group’s activities in Stafford.”

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