LXB Retail Properties NAV falls

LXB Retail Properties' net asset value per share fell to 56.70p in the year to the end of September from 103.27p.

The company said the fall in net asset value was 7.5p per share after adjusting for a return of capital of 38.0p per share in June. The major constituents of this reduction are: - losses caused by delays in the programme; highways delays at Rushden Lakes, construction delays at Stafford Riverside and at Greenwich Brocklebank where the contractor ceased trading. These issues have impacted on delivery dates for the retailers and hence rent commencement

- losses caused by increased construction costs at Rushden Lakes, Stafford Riverside and Sutton;

- reduced expectations of sales values on the remaining portfolio.

At 8:06am: (LON:LXB) LXB Retail Properties Plc share price was -7.75p at 40.25p