LXB Retail, the out-of-town investor floated on the Stock Exchange in October 2009, has made its first two acquisitions, buying 70,000 sq ft of retail space in Greenwich, south London for £18.25m.
The two properties are adjacent and situated on Bugsby’s Way. The current leases to Matalan and Lidl are due to expire shortly but currently generate £985,000 pa in rental income.
And in addition there is an adjacent development site which has planning permission for 27,500 sq ft of bulky goods retail. LXB plans to redevelop the whole site to provide about 100,000 sq ft of modern retail space.
LXB chief executive Tim Walton said: “It is exciting to be making LXB’s first acquisition since the IPO in October last year, and Greenwich is exactly the sort of opportunity that we highlighted to investors at that time. We continue to look at a number of opportunities in the market and hope to be able to announce further acquisitions in the near future.”
