18th Nov 2013 16:30
LONDON (Alliance News) - London & Associated Properties PLC, the specialist retail focused property investor, Monday said trading conditions have shown signs of improvement since its half yearly report was published towards the end of August.
The property investor said its largest asset, King Edward Court in Windsor, remains under offer, though it gave no updates on any potential deal. On October 30, the company said it was in discussions with Scottish Widows Investment Properties.
That said, the company is in the final stages over a refinancing deal with Royal Bank of Scotland PLC, describing the bank as "supportive" in those discussions.
Meanwhile, the company is setting up a joint venture with a "large American private equity fund" to acquire and for London & Associated Management Services to manage three shopping centres. The company did not disclose the participants or assets involved, but said the process was nearing conclusion and an update with details of the project would be published in the future.
The company also said it has concluded the disposal of its asset held jointly with Lloyds Bank in Halifax. "Our share of the net proceeds was GBP500,000, which has been added to our cash reserves," the company said in a statement.
London & Associated Properties were Monday quoted at 42.6 pence, down 0.9%.
By Samuel Agini; [email protected]; @samuelagini
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