Acquisition

RNS Number : 1710L

London & Stamford Property Ltd

06 January 2009

 



6 January 2009

LONDON & STAMFORD PROPERTY LIMITED

ACQUISITION OF ONE FLEET PLACE, EC4 FOR £74M

London & Stamford Property Limited ('London & Stamford Property') (AIM: LSP), today announces that it has exchanged conditional contracts with Legal & General Assurance Society Ltd to acquire One Fleet Place, EC4 for £74m. The purchase is expected to complete shortly after the satisfaction of the conditions.

The 170,000 sq ft prime City of London office building is mainly let to Denton Wilde Sapte LLP until 2025, at a rent of some £36 per sq ft.

King Sturge LLP acted for London & Stamford Property Limited and Jones Lang LaSalle acted for Legal & General Assurance Society Ltd.

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

'This building combines an excellent blend of building quality, current market rent, long lease length, secure income and given the leverage we can apply, it gives us a very good income return on our investment.'

For further information contact:
London & Stamford Property Limited	Tel: [phone]
Mandy Trotter, Butterfield Fulcrum Group (Guernsey) Ltd, Company Secretary
KBC Peel Hunt	Tel: [phone]
Capel Irwin
Gavin Anderson & Company	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 who 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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