Joint Venture Agreement

23rd Apr 2008 07:00

London & Stamford Property Ltd23 April 2008 LONDON & STAMFORD PROPERTY LIMITED Registered Office: 2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT, GUERNSEY, GY1 3NQ, CHANNEL ISLANDS. ___________________________ TELEPHONE: + 44 1481 720321 FACSIMILE: + 44 1481 716117 e-mail: [email protected] For immediate release 23 April 2008 London & Stamford Property Ltd announces a new Joint Venture. Joint Venture Agreement London & Stamford Property Ltd ("LSP") announces that it has signed a new jointventure agreement ("Joint Venture") with Cavendish Ltd, a wholly ownedsubsidiary of a major Gulf Institution. Under the new joint venture agreement,Cavendish will provide co-investment funds, at this stage up to £200m ofequity. LSP retains the right to act wholly and solely on its own account onindividual deals requiring up to £30m. of equity and for opportunities of alarger nature, to share with Cavendish up to 80:20 in favour of Cavendish, so asingle deal requiring of £150m. of equity could be considered under which LSPinvests £30m. The Board of LSP believes that this joint venture, which wasintroduced to LSP by Nightingale Partners, gives LSP far greater investmentreach. The agreement is due to last for 7 years coterminous with the existence of LSP. The Joint Venture has also entered into an advisory agreement with LSP'sadvisors, LSI Management LLP ("LSI"), with the consent of LSP. This agreementessentially mirrors the terms of the agreement between LSI and LSP. For further information contact: London & Stamford Property LimitedTel: +44 (0)1481 737 782 KBC Peel HuntTel: +44 (0)20 7418 8900Capel Irwin / Deon Veldtman Gavin Anderson & CompanyTel: +44 (0)20 7554 1400Richard Constant / James Benjamin / Anthony Hughes This information is provided by RNS The company news service from the London Stock Exchange

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