Disposal

RNS Number : 5514U

London & Stamford Property PLC

23 December 2011

 



23 December 2011

LONDON & STAMFORD PROPERTY PLC

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

Disposal of Triangle Distribution Portfolio, including the recently acquired 5110 Magna Park, Lutterworth but excluding Central Park, Rugby, for £265m

London & Stamford Property Plc (LSE: LSP.L) today announces that it has exchanged conditional contracts with BRE/Rhombus Sarl, an entity managed by affiliates of The Blackstone Group International Partners LLP, for the sale of the 17 distribution assets comprising the Triangle Distribution Portfolio and including the recently acquired 5110 Magna Park, Lutterworth for a consideration of £265 million.

The consideration exceeds the valuation figure for the portfolio as at 30 September 2011.

The sale will only complete at the year end so allowing the Company to retain the benefit of this income for its full financial year.

The net proceeds from the disposal will supplement LSP's existing cash resources and provide further firepower as the Company positions itself to take advantage of investment opportunities which it expects will occur in 2012.

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 property, including office, retail, residential 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 

 

END

 

 

DISPGGRAPUPGPUP