LXB looks for value

LXB Retail Properties expects to announce more “value-creating” acquisitions and developments during the coming year. The closed-ended real estate investment company bought Stone Lake Retail Park in Greenwich, south-east London, for £27.84m in December taking the total retail space acquired to 625,875 sq ft for a total cost of £122m.

Phil Wrigley, chairman, described the first year of business as a listed group as “a very successful one” despite reporting full-year pre-tax losses of £1.65m on gross rental income of £1.41m.Wrigley was “very pleased with all that has been achieved towards building a portfolio of prime retail investment properties”. He thought the UK’s economy might experience further turbulence “before anything approaching normality returns”.

LXB’s statement said its sites at Biggleswade, in Bedfordshire, and in Greenwich, offered “excellent opportunities to create the prime retail property investments”. The group had continued to make strategic, small-scale peripheral acquisitions and remained confident about prospects. King Sturge valued the property portfolio at the end of September at £93m.