Acquisition

RNS Number : 2036N

London & Stamford Property Ltd

08 June 2010

 



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

EMAIL:  [e-mail]

8 June 2010

LONDON & STAMFORD PROPERTY LIMITED

Acquisition of apartments and car parking spaces at

Bridges Wharf, Battersea, London, SW11

London & Stamford Property Limited ("London & Stamford") today announces that it has exchanged contracts with Weston Homes Plc for the purchase of the remaining 57 residential units at Bridges Wharf on the Southbank of the River Thames next to Battersea Heliport, London, SW11.  The acquisition also includes 57 car parking spaces.  London & Stamford is acquiring a long leasehold interest in the apartments and the car parking spaces for approximately £27.5m.  Completion is expected to be phased over two stages to match the practical completion of the units. London & Stamford also have first right of refusal to acquire a further six units. London & Stamford will fund the acquisition out of existing resources.

The apartments comprise a mix of award winning 1 and 2 bedroom flats and live/work units and are well located for public transport links into Central London.  The 57 units total 53,172 sq ft of net lettable area.

The Bridges Wharf development completed in early 2010 and comprises three buildings (Altura Tower, Orbis Square and Vicentia Quay) with a total of 267 flats and, additionally, the development comprises a 5 Star Hotel.

www.weston-homes.com/BridgesWharf

Knight Frank will act as letting agents for London & Stamford.

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

"We are delighted to have made this excellent acquisition which represents exceptional value.  London & Stamford looks forward to building on the successes achieved at Highbury and generating further value to its shareholders through its proven asset management skills. London & Stamford has again demonstrated 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 Rochelle Thompson Butterfield Fulcrum Group (Guernsey) Limited, Company Secretary	Tel: [phone]
KBC Peel Hunt Capel Irwin / David Anderson / Nicholas Marren	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.  It made six new investments in 2009 using £190 million of equity. In July 2009, the Company raised a further £219.5 million (net of expenses) through a placing and open offer and so far in 2010 the Company has made two new investments using £100m of equity.

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

 

END

 

 

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