Aintree secures Best Buy as t

RNS Number : 5572H

London & Stamford Property Ltd

24 February 2010

 



LONDON AND 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

e-mail:  [e-mail]

24 February 2010

LONDON & STAMFORD PROPERTY LIMITED

RACECOURSE RETAIL PARK, AINTREE SECURES BEST BUY AS TENANT

London & Stamford Property Limited ('London & Stamford Property') (AIM: LSP), today announces that it has secured Best Buy - the leading consumer electronics retailer in joint venture with The Carphone Warehouse - as a new tenant at its Racecourse Retail Park, Aintree near Liverpool.

London & Stamford acquired Racecourse Retail Park, Aintree in June 2009 from a subsidiary of Land Securities for £60.928m. It has a strong tenant mix which includes B&Q, Marks & Spencer, Next and Boots.

Cushman Wakefield and Savills are joint letting agents at the property on behalf of London and Stamford. 

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

"London & Stamford is delighted to welcome Best Buy to Racecourse Retail Park Aintree, further endorsing the solid trading potential of this park.  The letting adds a further premium anchor store to the already strong tenant mix at Aintree and we look forward to the opening of this new store."

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 (Corporate Finance) Marianne Woods / Nicholas Marren (Corporate Broking)	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

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