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LXB Retail Properties launches AIM float

posted Oct 24, 2009, 12:49 AM by Yale ReiSoleil   [ updated Oct 24, 2009, 12:49 AM ]
LONDON (Reuters) - Newly-launched property investor LXB Retail Properties will raise at least 110 million pounds via a share sale to fund a buying spree in Britain's distressed market for out-of-town retail parks.

The company, which is fronted by veteran real estate entrepreneur Tim Walton, is to sell 110 million shares at 100 pence each and said it expects the stock to begin trading on London's AIM stock market on October 23.

"The board is delighted by the level of interest and support received from institutional investors," LXB Chairman Phil Wrigley, who also chairs clothing chain New Look, said in a statement.

"We are confident that the investment team, with their strong proven track record, will maximise current opportunities in this market to benefit our shareholders," he said.

LXB will be externally managed by LXB Manager LLP, which is owned and managed by a Walton-led investment team. The gross proceeds raised by LXB include 12.5 million pounds invested by the investment team.

Some board members have also invested an additional total 2.9 million pounds. J.P. Morgan Cazenove has been appointed as lead manager and Oriel Securities is the co-lead manager.