8th Mar 2007 07:00
FOR IMMEDIATE RELEASE
8 March 2007 LONDON & ASSOCIATED PROPERTIES PLC: ‚£18.7M SALE OF DAGENHAM SHOPPING CENTRE
London & Associated Properties PLC ("LAP") today announces it has exchanged contracts for the sale of its 105,000 sq ft Mall Shopping Centre in Dagenham to O Twelve Estates Limited for ‚£18.7m cash, reflecting a net initial yield of 5.4%.
LAP originally acquired the centre in 1994 and it currently comprises 30 retail units let to tenants that include Wilkinsons, Boots, Peacocks, Superdrug and The Post Office. At 31st December 2005, the last independent valuation, the property was valued at ‚£14.925m, of which The Mall Shopping Centre accounted for ‚£14.275m and the adjoining Post Office building accounting for ‚£0.65m.
LAP was advised by Gooch Cunliffe Whale and Lewis & Partners while Jackson Criss acted for the purchasers.
Ends.
Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Robert Corry, Finance Director, LAP
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
LONDON AND ASSOCIATED PROPERTIES PLCRelated Shares:
London & Associated Properties