London and Stamford forms central London JV
Property company London and Stamford has bought a stake in a residential block adjacent to the Chelsea Barracks development in south-west London.
Property company London and Stamford has bought a stake in a residential block adjacent to the Chelsea Barracks development in south-west London.
The acquisition of Moore House for £147m is being channelled through a newly formed residential joint venture focused on central London, in which it has a 40% interest. London & Stamford will fund its £58.8m share of the acquisition out of existing resources.
The seller is an outfit called Project Red, a subsidiary of Qatari Diar.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The property forms part of the Grosvenor Waterside Development and occupies a position at the front of the development on Ebury Bridge Road.
Raymond Mould, Chairman of London & Stamford, said: "The central London residential market continues to show signs of strong rental and capital growth and we are delighted to have acquired this prime property, the first for our newly formed residential joint venture."
The property company said last month that it has firepower of around £900m at its disposal to beef up its property portfolio.
Broker Jefferies suggested the company needs to invest around £800m just to get earnings up to the level where they cover the company's dividend payment.
BS
-
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
-
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published