Acquisition

RNS Number : 5551R

London & Stamford Property Ltd

01 May 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              

1st May 2009

ACQUISITION OF No.1 Whitehall Riverside, Leeds FOR £37.62m

London & Stamford Property Limited ('London & Stamford Property') (AIM: LSP), today announces that it has exchanged contracts with The Royal Bank of Scotland Plc as Trustee for the NewStar Property Unit Trust to acquire No1 Whitehall Riverside, Leeds for £37.62m. 

The 129,514 sq ft prime office building is multi let to seven tenants including Cobbett's LLP, Mellon Analytical Solutions Europe and Grant Thornton UK LLP. The average weighted unexpired lease term is 15.5 years and 84.7% of the leases by income are in excess of 17 years. The property is let at an average of £25.42 per sq ft.

Lewis Ellis acted for London & Stamford Property Limited and Knight Frank LLP acted for The Royal Bank of Scotland Plc as Trustee for the NewStar Property Unit Trust.

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

'This building adds to London & Stamford's growing portfolio and combines an excellent blend of building quality, current market rent, long lease length and secure income as well as regional diversity. Given the leverage we can also apply, No1 Whitehall Riverside will give us a very good income return on our equity investment.'

For further information contact:
London & Stamford Property Limited	Tel: [phone]
Mandy Trotter, Butterfield Fulcrum Group (Guernsey) Ltd, Company Secretary
KBC Peel Hunt Capel Irwin Nicholas Marren	Tel: [phone]
Kreab Gavin Anderson	Tel: [phone]
Richard Constant / James Benjamin / Anthony Hughes

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 and Patrick 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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