Disposal of Triangle Portfolio for ?265m

RNS Number : 6140B

London & Stamford Property PLC

18 April 2012

 



18 April 2012

LONDON & STAMFORD PROPERTY PLC

("London & Stamford", "LSP" or the "Company")

Disposal of Triangle Distribution Portfolio for £265m

Further to the announcement on 23 December 2011, London & Stamford Property Plc (LSE: LSP.L) today announces that it has completed the sale of the Triangle Distribution Portfolio for £265 million to BRE/Rhombus Bidco Sarl, an entity managed by a Blackstone real estate fund.  Of the total consideration received, £150 million has been applied to repay related debt.

London & Stamford's cash balance now stands at £214 million, which, when taken alongside its Joint Venture partner's unspent commitment and with reasonable gearing assumptions, produces total firepower well in excess of £800 million.

For further information contact:

London & Stamford Property Plc Raymond Mould Patrick Vaughan Martin McGann	Tel: [phone]
Kreab Gavin Anderson Richard Constant James Benjamin Anthony Hughes	Tel: [phone]

Notes to editors:

London & Stamford Property Plc was set up to exploit opportunities that it anticipated in the UK property cycle and is a group UK-REIT. The Company has a highly experienced management team and invests in and actively manages commercial and residential property, including office, retail, and distribution real estate assets, principally in the UK.

The Company is traded on the London Stock Exchange's Main Market (LSP.L) and is authorised by the FSA to carry out certain regulated activities.

Further information on the Company is available from the Company's website: www.londonandstamford.com 

 

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