13th Nov 2007 11:21
London & Stamford Property Ltd13 November 2007 13 November 2007 London & Stamford Property Limited DISPOSAL OF BELGIAN PORTFOLIO FOR £21.4M London & Stamford Property Limited ("London & Stamford Property" or "theCompany") has sold its portfolio of retail warehouses in Belgium for a netconsideration of approximately £21.4 million to Ascensio SCA, a Belgium-basedreal estate investment trust. The portfolio comprises 36 retail warehouse units throughout Belgium. The totalportfolio covers 28,000 sq m (310,800 sq ft) with a current annual rent ofapproximately £1.5 million and with 12 different tenants such as Brantano,Krefel, Lidl and Carglass. London & Stamford acquired the portfolio in August2006. The disposal completes a strategic objective put in place prior to the Company'ssuccessful £285 Million flotation on AIM last week. The net proceeds are asestimated in the Company's admission document dated 2 November 2007 and will beused to repay existing debt and towards the Company's commercial propertyinvestment strategy. Raymond Mould, the Non-executive Chairman of London & Stamford Property, said: "We constantly review the investment strategy of the Company's portfolio anddecided to dispose of these properties after some yield compression andfollowing a period when the cost of capital has increased. We are pleased tohave completed this sale as planned." For further information contact: London & Stamford Property Limited Tel: +44 (0)1481 737 782 Mandy Trotter, Company Secretary KBC Peel Hunt Tel: +44 (0) 7418 8900 Capel Irwin / Deon Veldtman Gavin Anderson & Company Tel: +44 (0)20 7554 1400 Richard Constant / Charlotte Stone / Anthony Hughes Notes to Editors London & Stamford Property is advised by LSI Management LLP ("LSIM") which has ahighly experienced management team. The principal partners of LSIM includeRaymond Mould, Patrick Vaughan and Humphrey Price who are also non-executivedirectors of London & Stamford Property. London & Stamford Property has acquired London & Stamford Investments Ltd, whichwas founded in 2005 by Raymond Mould, Patrick Vaughan and Humphrey Pricetogether with the General Electric Pension Trust ("GEPT"),. The Company is theexclusive commercial property holding vehicle of the three founders. All threefounders have been involved in the property sector for over 30 years and have astrong track record of anticipating and exploiting opportunities that arise fromcycles in the property market. The three founders have been involved in twolisted and one unlisted property companies and in a number of funds during thisperiod, including the development and flotation of their former, highlysuccessful businesses, Arlington Securities PLC and Pillar Property PLC. The Board believes that the rising cost of capital and low property yields willbring about a marked correction in values to return to a more normal yield/capital cost relationship. All sectors of the UK and overseas commercialproperty markets will be considered. London & Stamford Property is listed on AIM (LSP.L). Further information onLondon & Stamford Property is available from the Company's websitewww.londonandstamford.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
LondonMetric