Refinancing of One Fleet Plac
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: Funds@bfmgl.gg
21 August 2009
LONDON & STAMFORD PROPERTY LIMITED
Refinancing of One Fleet Place
London & Stamford Property Limited ('London & Stamford') is today pleased to announce that it has completed the £55.3 million refinancing of its City office building at One Fleet Place, London EC4 with Santander Corporate Banking.
London & Stamford acquired One Fleet Place in January 2009 utilising, in part, its £150 million revolving credit facility with the Bank of Scotland.
In accordance with its funding strategy as outlined during its recent successful £225.8 million placing and open offer, London & Stamford is taking the opportunity to secure new, cost effective debt funding in the market whilst it remains available.
London & Stamford thereby preserves and in this case increases the undrawn balance of its Bank of Scotland facility, which is then available for future utilisation alongside its undrawn equity for further asset acquisitions.
Raymond Mould, the Non-Executive Chairman of London & Stamford Property, said:
'We are delighted to have completed the refinancing of London & Stamford's City office building at One Fleet Place, London EC4. Together with the success of our recent £225.8 million placing and open offer, these demonstrate the high level of confidence of the financial community for London & Stamford's business and our ability to create value for our shareholders through the acquisition of high quality assets on attractive terms.'
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Enquiries: |
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Kreab Gavin Anderson Richard Constant / James Benjamin / Anthony Hughes |
Tel: +44 (0)20 7074 1800 |
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London & Stamford Property Limited Valerie Goodwin at Butterfield Fulcrum Group (Guernsey) Limited, Company Secretary |
Tel: +44 (0)1481 737 782 |
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KBC Peel Hunt Capel Irwin / David Anderson (Corporate Finance) Nicholas Marren / Marianne Woods (Corporate Broking) |
Tel: +44 (0) 20 7418 8900 |
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 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 five new investments using £146 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
END
This information is provided by RNS
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