The Jersey-based closed-ended real estate investment trust posted pretax profit of
Gross revenue, which incorporates rental income, rose to
LXB said its priorities for the period were to gain further planning permissions, sign more tenants, and move into the construction phase for our investment properties. Although the company had successes and made progress on all fronts given the current retail and planning environment, it encountered some challenges.
The company said it has planning permission for a foodstore at the Old Gasworks in
LXB said that if all its outstanding planning applications and current lettings under offer are signed, it will have let 67% of its ground floor retail space and achieved 70% of its estimated annual rent roll.
The firm said this "still leaves much to be done" but it is pleased to have attracted a number of popular high-street fashion retailers, such as
However, the company said it is having to meet the challenges arising from the "structural changes taking place in retail today". LXB said tenants remain cautious and concerns persist about store size, lease lengths and fitting out costs.
"Our lettings achievements show we have the right locations, although we do sometimes have to offer attractive incentive packages before retailers will commit to institutional grade leases," LXB said.
Overall, LXB said its net asset value per share rose to
LXB shares were quoted up 1.9% at
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