LXB Retail Properties sells B&Q branch in Greenwich
LXB Retail Properties is in the process of selling a B&Q branch in Greenwich, London, for GBP 43.3m. The company revealed that it exchanged contracts with an unknown private investor and that the sale is conditional upon “confirmation of the freeholder’s consent.” According to the London Stock Exchange, the sale is expected to be finalized by around 12 September, once the freeholder has granted consent to the deal. The sale will result in a premium of GBP 1m over the latest valuations of the investment.
Currently the home improvement retailer B&Q is renting the Greenwich facility for GBP 2.2m and the rental contract is set to expire by 23 June 2024.