A cross departmental Ogier team has acted for LXB Retail Properties Plc in relation to the admission to trading on AIM and the Channel Islands Stock Exchange (CISX) of its entire issued share capital. LXB Retail Properties Plc is a newly formed, Jersey-incorporated, closed-ended real estate investment company.
LXB Retail will raise at least £110m in equity from the flotation and has agreed terms for a £50m debt facility with Royal Bank of Scotland and Bank of Ireland to make investments in retail parks with scope for development. There is expected to be a particular focus on attracting food-led multi-sector retailers.
J.P. Morgan Cazenove has been appointed as lead manager and Oriel Securities is the co-lead manager.
Ogier was instructed by London lawyers, MacFarlanes.
The Ogier Jersey team advised on investment fund, corporate and CISX listing issues and was headed by partner Chris Byrne assisted by senior associate Niamh Lalor, associate Lucy Rogers and senior associate Peter Longstaffe (CISX listing).
LXB Retail Properties Plc will be administered by Ogier Fund Administration (Jersey) Limited, with the team led by director Jane Pearce and assisted by associate Michelle Evans.
Commenting on the deal, Chris Byrne said: “We are delighted to have worked with LXB Retail and its advisers in what we think is one of just a handful of property IPOs this year. We also acted in relation to Burford Capital, which has also recently IPOd on AIM.”