As revealed yesterday by PropertyWeek.com, LXB, run by Tim Walton, is planning to float on AIM.
LXB Retail, a closed-ended real estate investment company, plans to raise £100m, the company revealed this morning.
Walton and his team are investing £12.5m and the board is investing a further £2.9m.
LXB Retail will have a strategy is to invest in out of-town and edge-of-town retail assets.The company will be externally managed by LXB Manager, which is owned and managed by a team led by Walton.
It has formed a new board which will be chaired by Phil Wrigley, chairman of New Look, and also includes Steve Webb, Tesco investor relations director, Danny Kitchen, chairman of Irish Nationwide Building Society, Alastair Irvine, founder of the Seriously Strong Cheddar brand, and George Baird, former Treasurer of the States of Jersey.
Walton, chief executive of LXB Manager, said: "We see huge opportunity to capitalise on the changes taking place within the retail parks sector. Cyclically, values are at a low point, and there is the prospect of the numerous leases signed in the late 80’s coming up for renewal. In addition, there are major structural changes transforming the face of UK retailing; the recent economic conditions have exposed the retail winners from the losers."
LxB is the latest in a growing list of UK property entrepreneurs floating in order to raise money to take advantage of the bottom of the market. Raymond Mould and Patrick Vaughan were the first with London & Stamford, followed by Nick Leslau and Mike Brown with Max Property Group.
JP Morgan Cazenove has been appointed as lead manager and joint broker. Oriel Securities has been appointed as co-lead manager and joint broker.