London & Stamford readies £800m war chest
London and Stamford Property, the real estate investment trust, says it has an £800m war chest ready for investments during 2012.
London and Stamford Property, the real estate investment trust, says it has an £800m war chest ready for investments during 2012.
The figure comes partly from the disposal of its Triangle Distribution Portfolio for £265m. This deal, which will complete in the Spring of 2012, will add £101m to available resources, on top of £96m in cash and a £150m credit facility with Bank of Scotland. Of course, all of this money will need to be leveraged to hit the £800m figure.
At its Meadowhall shopping centre in Sheffield, London and Stamford saw footfall up 8.6% in December versus the previous year. Sales grew 7.14% during the month but just 0.15% over the year.
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It says recent retail administrations, while highly publicised, will not have a big impact on the bottom line and 17 new leases have been agreed at the site since October.
In the central London portfolio London & Stamford now has 368 units at Highbury, Battersea, Clapham Road and Seward Street (Islington) and says it hopes to announce a number of new initiatives by the end of the financial year.
Commenting on the update the company's Chief Executive, Patrick Vaughan, said "We are well positioned to take up opportunities in 2012, which we believe will allow the Company to continue its progressive dividend policy which resulted in the payment of an increased 3.5p interim dividend."
Shares in London & Stamford had gained nearly 1% by 09:48.
BS
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