Acquisition

RNS Number : 6405T

London & Stamford Property Ltd

10 June 2009

 



LONDON & STAMFORD PROPERTY LIMITED

Registration No. 47816

Registered Office:

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

GUERNSEY, GY1 3NQ.

___________________________

TELEPHONE: + 44 1481 720321

FACSIMILE: + 44 1481 716117

e-mail:  [e-mail]

For immediate release

10th June 2009

LONDON & STAMFORD PROPERTY LIMITED

ACQUISITION OF RACECOURSE RETAIL PARK, AINTREE FOR £60.928M

London & Stamford Property Limited ('London & Stamford Property') (AIM: LSP), today announces that it has exchanged contracts with a subsidiary of Land Securities to acquire Racecourse Retail Park, Aintree for £60.928m.

The 291,471 sq ft dominant, part Open A1 retail park is let to thirteen tenants including B&Q, Homebase, Mothercare, Marks and Spencer, Next and Boots with a weighted average unexpired lease term of approximately 13 years. The property generates £5,481,579 per annum and is let at rents ranging between £13.00 and £30.00 per square foot. 

Savills acted for London & Stamford Property Limited and Cushman and Wakefield acted for Land Securities.

Raymond Mould, the Non-executive Chairman of London & Stamford Property, said: 

'This acquisition marks our first purchase in the retail warehouse sector. The park combines security of income from a good tenant mix, sustainable rents and, after leverage, a very attractive cash on equity return with scope for adding value through planning and asset management initiatives.'

For further information contact:

Kreab Gavin Anderson Tel: [phone]

Richard Constant / James Benjamin / Anthony Hughes

London & Stamford Property Limited Tel: [phone]

Mandy Trotter, Company Secretary

KBC Peel Hunt Tel: [phone]

Capel Irwin / Nicholas Marren

Notes to Editors

London & Stamford Property is advised by LSI Management LLP ('LSIM') which has a highly experienced management team. The principal partners of LSIM include Raymond Mould, Patrick Vaughan and Humphrey Price. Raymond Mould and Patrick Vaughan are also non-executive directors of London & Stamford Property.

In October 2007, London & Stamford Property acquired London & Stamford Investments Ltd, which had been founded in 2005 by Raymond Mould, Patrick Vaughan and Humphrey Price together with the General Electric Pension Trust ('GEPT'), as their exclusive commercial property vehicle. All three founders have been involved in the property sector for over 30 years and have a strong track record of anticipating and exploiting opportunities that arise from cycles in the property market. The three founders have been involved in two listed and one unlisted property companies and in a number of funds during this period, including the development and flotation of their former, highly successful businesses, Arlington Securities PLC and Pillar Property PLC.

London & Stamford Property is listed on AIM (LSP.L). Further information on London & Stamford Property is available from the Company's website www.londonandstamford.com.

 

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