Acquisition

RNS Number : 6838T

London & Stamford Property Ltd

10 June 2009

 



LONDON AND 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]

10th June 2009

LONDON & STAMFORD PROPERTY LIMITED

ACQUISITION OF Somerfield Distribution Unit, Park Farm Industrial Estate, Wellingborough FOR £19.6M

London & Stamford Property Limited ('London & Stamford Property') (AIM: LSP), today announces that it has exchanged contracts with Phoenix Life Limited, a fund managed by Ignis Asset Management, to acquire Somerfield Distribution Unit, Park Farm Industrial Estate, Wellingborough for £19.6m.

The 341,320 sq ft distribution unit is let to Somerfield Stores Ltd with Somerfield Ltd as guarantor for a further 18.4 years at a rent of £1.79m per annum.

M3 acted for London & Stamford Property Limited and Savills acted for Ignis Asset Management.

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

'This acquisition adds to London & Stamford's growing portfolio and combines an excellent blend of building quality, long lease length and secure income.  Given the leverage we can also apply,  Somerfield Distribution Unit will give us a very good income return on our equity investment.' 

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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