Acquisition

RNS Number : 6433P

London & Stamford Property Ltd

20 July 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]

20 July 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 completed the acquisition of 58 residential units and car parking spaces at Bridges Wharf, Battersea for a price of £27.9m (excl. costs) from Weston Homes Plc. Its announcement dated 8 June 2010 referred to acquiring 57 residential units. The additional residential unit is one of the 6 units London & Stamford had a first right of refusal over. London & Stamford continues to have first right of refusal over one further residential unit and a car parking space.

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

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 

 

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