Agreement to sell Brixton Markets for £37.25M

LONDON AND ASSOCIATED PROPERTIES PLC - Agreement to sell Brixton Markets for £37.25M

PR Newswire

London, February 21

22 February 2018

LONDON & ASSOCIATED PROPERTIES PLC (“LAP”):

AGREEMENT TO SELL BRIXTON MARKETS FOR £37.25M

LAP today announces that it has exchanged contracts to sell both Market Row and Brixton Village in Brixton (“Brixton Markets”) for £37.25 million cash to a private group of property companies. Brixton Markets were let in their entirety in 2011 to Market Village Ltd and currently produce a combined net income of c £1.2 million per annum.

LAP acquired Brixton Markets as part of the Atlantic Group of Companies in 2006. Their last combined published book value at December 2016 was £24.5 million. £16 million of the proceeds will be used to repay debt, and the balance will be added to our cash reserves.

John Heller, Chief Executive, said: “Brixton Markets were in a state of decline when we acquired them, with significant levels of voids. Following a programme of intense and proactive management, we are proud that today they are home to arguably the most vibrant restaurant scene in London. We will now look for new projects where we can use our management skills to create similar strong levels of growth”. 

Ends.

Contact:

John Heller, Chief Executive, LAP.Tel: 020 7415 5000

Baron Phillips, Baron Phillips Associates.Tel: 07767 444193