Acquisition

RNS Number : 0824M

London & Stamford Property Ltd

18 May 2010

 



LONDON & STAMFORD PROPERTY LIMITED

Registration No. 47816

Registered Office:

2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT,

GUERNSEY, GY1 3NQ.

___________________________

TELEPHONE:  + 44 1481 720321

FACSIMILE:  + 44 1481 716117

EMAIL:  [e-mail]

18 May 2010

LONDON & STAMFORD PROPERTY LIMITED

Acquisition of the Radial Distribution Limited portfolio for £208.5m

London & Stamford Property Limited ("London & Stamford") (AIM: LSP) today announces that it has completed the acquisition of Radial Distribution Limited ("Radial") for £208.5m (excl. costs) from Warner Estate Joint Ventures Limited and Uberior Ventures Limited following its announcement dated 10 May 2010.

Enquiries:
Kreab Gavin Anderson Richard Constant / James Benjamin / Anthony Hughes	Tel: [phone]
London & Stamford Property Limited Rochelle Thompson Butterfield Fulcrum Group (Guernsey) Limited, Company Secretary	Tel: [phone]
KBC Peel Hunt Capel Irwin / David Anderson / Nicholas Marren	Tel: [phone]

Notes to Editors

London & Stamford Property, a closed-ended investment company based in Guernsey, is advised by LSI Management LLP ("LSIM") which has a highly experienced management team. The principal partners of LSIM include Raymond Mould, Patrick Vaughan, Martin McGann, Jeremy Bishop and Stewart Little. Raymond Mould, Patrick Vaughan and Martin McGann are also non-executive directors of London & Stamford Property.

The Company was established on 1 October 2007 in order to exploit opportunities that it anticipated in the UK property cycles to invest principally in commercial property.

The Company raised £247.5 million (gross proceeds) through a placing in November 2007 when it was admitted to trading on AIM (LSP.L).

In October 2007, the Company entered into a five year revolving credit facility with Bank of Scotland for £150 million.  The facility is extendable by the Company for a further two years and carries a margin of 80 basis points over LIBOR.

The Company made no acquisitions during 2008, considering that market conditions did not offer sufficient value.  It made six new investments in 2009 using £190 million of equity.

In July 2009, the Company raised a further £225.8 million (gross proceeds) through a placing and open offer.

Further information on London & Stamford Property is available from the Company's website www.londonandstamford.com

Mayfair based Anglesea Capital was set up in June 2009 by Rhys Lewis, former principal and head of UK at Rockpoint (a US based Opportunity Fund operating from offices in the US, Frankfurt, London and Tokyo).  The formation of the joint venture to acquire Radial represents Anglesea Capital's second acquisition in the distribution warehousing sector following the June 2009 formation of a Joint Venture with Rockpoint, to acquire and asset manage a £260 million portfolio of UK distribution warehouses.

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