LXB Retail Properties : LXB – update on buybacks

LXB’s sale of its Sainsbury’s and M&S investments at Greenwich has completed as planned, releasing £58m of sales proceeds. LXB’s Board plans to return “a substantial proportion” of this money to shareholders by buying in shares. At last night’s close LXB’s market capitalisation was just over £250m; what proportion of the company’s share capital will be retired will depend on the move in LXB’s share price as the buyback programme gets underway.


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