Acquisition

RNS Number : 7222Z

London & Stamford Property Ltd

28 September 2009

 



LONDON AND 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]

28 September 2009

LONDON & STAMFORD PROPERTY LIMITED

Acquisition of apartments and car parking spaces at 

The Stadium, Highbury Square, London, N5

London & Stamford Property Limited ('London & Stamford') today announces that it has completed the acquisition of a block of apartments predominantly in the North Stand, The Stadium, Highbury Square, N5 from Highbury Holdings Limited. The acquisition also includes a number of car parking spaces.  London & Stamford is acquiring a long leasehold interest in the apartments and the car parking spaces for £41.4m.  London & Stamford has equity funded the acquisition and will look to raise debt against the purchase in due course.

The apartments comprise a mix of 1 and 2 bedroom flats and 3 bedroom penthouses set over 8 floors on the historic site, which was home to The Arsenal Football Club until 2006, and are well located for public transport links into Central London. All are finished to a high standard and designed to a modern specification throughout.  

Knight Frank have been appointed as letting agents with immediate effect.

www.thestadium-highbury.com

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

'We are delighted to have made this excellent acquisition.  London & Stamford has again proven that it can respond quickly to high quality investment opportunities with attractive terms given its significant cash reserves.' 

Enquiries:
Kreab Gavin Anderson Richard Constant / James Benjamin / Anthony Hughes	Tel: [phone]
London & Stamford Property Limited  Valerie Goodwin at  Butterfield Fulcrum Group (Guernsey) Limited,  Company Secretary	Tel: [phone]
KBC Peel Hunt Capel Irwin / David Anderson (Corporate Finance)  Nicholas Marren / Marianne Woods (Corporate Broking)	Tel: [phone]
Knight Frank LLP                     Mimi Capas  Associate	Tel: [phone]

Notes to Editors

London & Stamford Property, a closed-ended investment company based in Guernsey, is advised by LSI Management LLP ('LSIM') which has a highly experienced management team. The principal partners of LSIM include Raymond Mould, Patrick Vaughan, Martin McGann, Jeremy Bishop and Stewart Little. Raymond Mould, Patrick Vaughan and Martin McGann are also non-executive directors of London & Stamford Property.

The Company was established on 1 October 2007 in order to exploit opportunities that it anticipated in the UK property cycles to invest principally in commercial property.

The Company raised £247.5 million (gross proceeds) through a placing in November 2007 when it was admitted to trading on AIM (LSP.L).

In October 2007, the Company entered into a five year revolving credit facility with Bank of Scotland for £150 million. The facility is extendable by the Company for a further two years and carries a margin of 80 basis points over LIBOR.

The Company made no acquisitions during 2008, considering that market conditions did not offer sufficient value. The Company made its first acquisition in January 2009; One Fleet Place, and has now made a total of six new investments using £190 million of equity.

In July 2009, the Company raised a further £225.8 million (gross proceeds) through a placing and open offer.

Further information on London & Stamford Property is available from the Company's website www.londonandstamford.com

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