Sale of Aintree to The Crown

RNS Number : 6520T

London & Stamford Property Ltd

30 September 2010

 



30 September 2010

LONDON & STAMFORD PROPERTY LIMITED ("LSP")

Registration No. 47816

Registered Office:

2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT,

GUERNSEY, GY1 3NQ.

TELEPHONE: [phone]

FACSIMILE: + 44 1481 716117

EMAIL: [e-mail]

DISPOSAL OF RACECOURSE RETAIL PARK, AINTREE, LIVERPOOL FOR £101.5M

LSP (AIM: LSP.L) today announces that it has exchanged unconditional contracts for the sale of its Racecourse Retail Park, Aintree to The Crown Estate for a consideration of £101.5 million.  The 295,000 sq ft retail park is multi-let to fourteen tenants including Boots, M&S, Next, Mothercare and B&Q.

The Company intends to use the proceeds of the disposal to repay the financing arrangements put in place in connection with the purchase of the retail park with the remaining balance being available to the Company to invest in line with its investment policy. 

In connection with the Prospectus published by the Company on 21 September 2010 and as a result of today's announcement, the Company will be publishing a supplementary prospectus later today.

For further information contact:

London & Stamford Property Limited Rochelle Thompson, Butterfield Fulcrum Group (Guernsey) Ltd  Company Secretary	Tel: [phone]
KBC Peel Hunt Ltd (Nomad, Joint Sponsor, Joint Financial Adviser and Joint Broker)                                                                             Capel Irwin / Kate Barlow	Tel: [phone]
Credit Suisse Securities (Europe) Limited (Joint Sponsor, Joint Financial Adviser and Joint Broker)                                                                           George Maddison / Robert Mayhew / Murdo Montgomery	Tel: [phone]
Kreab Gavin Anderson                                                                                                                                 Tel: [phone] Richard Constant / James Benjamin / Anthony Hughes	Tel: [phone]

Capitalised terms used in this announcement have the same meanings ascribed to them as set out in the announcement by LSP on 5 August 2010.

Notes to editors:

LSP is an authorised closed-ended investment company incorporated in October 2007 in order to exploit opportunities that it anticipated in the UK property cycle. LSP invests in commercial property, including office, retail and industrial real estate assets, principally in the UK, and has a property portfolio comprising of 14 investments, all of which are located in the UK.

LSI Management provides LSP with investment advisory and property management services and is authorised by the FSA to carry out certain regulated activities.

LSP is traded on AIM (LSP.L). Further information on LSP is available from LSP's website www.londonandstamford.com 

KBC Peel Hunt which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for LSP and the Company and for no one else in connection with the Proposals and will not be responsible to any person other than LSP and the Company for providing the protections afforded to clients of KBC Peel Hunt, nor for providing advice in relation to the Proposals, the content of this announcement or any matter referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on KBC Peel Hunt by FSMA or the regulatory regime established thereunder, neither KBC Peel Hunt nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of KBC Peel Hunt in connection with this announcement, any statement contained herein or otherwise, nor makes any representation or warranty, express or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement purported to be made by KBC Peel Hunt, or on behalf of KBC Peel Hunt in connection with LSP, the LSP Existing Ordinary Shares or the Proposals. KBC Peel Hunt accordingly disclaims to the fullest extent permitted by law all and any responsibility or liability to any person who is not a client of KBC Peel Hunt, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement.

Credit Suisse which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for LSP and the Company and for no one else in connection with the Proposals and will not be responsible to any person other than LSP and the Company for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the Proposals, the content of this announcement or any matter referred to in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed on Credit Suisse by FSMA or the regulatory regime established thereunder, neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise, nor makes any representation or warranty, express or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement purported to be made by Credit Suisse, or on behalf of Credit Suisse in connection with LSP, the LSP Existing Ordinary Shares or the Proposals. Credit Suisse accordingly disclaims to the fullest extent permitted by law all and any responsibility or liability to any person who is not a client of Credit Suisse, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement.

 

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