Financing of the Business Spa

RNS Number : 5224F

London & Stamford Property Ltd

14 January 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]

14 January 2010

Financing of the Business Space Portfolio

London & Stamford Property Limited ("London & Stamford") is today pleased to announce that it has completed the £29.8 million financing of its Business Space portfolio comprising of existing assets at Wellingborough, Crawley and Nottingham, with Helaba London. 

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 /Anthony Bell(Corporate Finance)  Nicholas Marren / Marianne Woods (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. The Company made its first acquisition in January 2009; One Fleet Place, and has now made a total of six new investments 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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