LXB in £40m fundraising
Published: 15 July, 2010
Recently-floated developer LXB Retail goes back to market for £40m more to fund more deals
LXB Retail invests primarily in UK out of town and edge of town retail property. Since floating last October, it has assembled sites in Greenwich and Biggleswade, and planning applications are being prepared for both schemes.
The company said it is now looking at several opportunities including a retail park redevelopment on the south coast of England and a major redevelopment in the Midlands where discussions are already taking place with potential retail tenants.
To fund the purchases, which range from £10m to £30m, LXB is proposing a share placing which will raise an additional £40m of capital. Chairman Phil Wrigley said: “Since the initial placing and admission of LXB Retail in October 2009, we have already successfully invested 85 per cent of the money raised at that time on acquisitions at Greenwich and Biggleswade. The placing will enable us to continue to pursue our strategy as we look to take advantage of further investment opportunities available."
