London & Stamford Property Plc (LSP.L) provided its interim management statement for the period from April 1, 2012 to July 19, 2012. The company confirmed that about 260 million pounds of the investments to which the Chairman referred in his year end announcement on May 30, 2012 has already been exchanged and or completed. LSP has completed on the purchase of Moore House, London, SW1, for its Central London Residential Joint Venture, for 147 million pounds. LSP's share is 40%.
The sale of the Triangle portfolio of 17 distribution units for 265 million pounds was completed during the period to an entity managed by a Blackstone Real Estate Fund, as reported earlier. The disposal generated a return on equity of around 33% and net cash after the repayment of debt of 94 million pounds.
The company added that the post year end acquisitions of Marlow International and Unilever House, Leatherhead, are attractive investments, offering a cash on cash yield in excess of 11.2% and a good blend of quality income from good tenants and asset management opportunities.
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by RTT Staff Writer
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