22 June 2012
LONDON & STAMFORD PROPERTY PLC
("London & Stamford", "LSP" or the "Group")
Acquisition of Moore House, London, SW1 for £147.0m
London & Stamford Property PLC (LSE: LSP.L), in its newly formed Central London Residential Joint Venture (the "Joint Venture"), announces that it has exchanged contracts with Project Red Limited, a subsidiary of Qatari Diar, to acquire Moore House for £147m (excl. costs). London & Stamford has a 40% interest in the Joint Venture and will fund its share of the acquisition out of existing resources.
The property forms part of the prestigious Grosvenor Waterside Development and occupies a prominent position at the front of the development on Ebury Bridge Road, London, SW1, immediately to the south of The Chelsea Barracks Development. The Joint Venture has acquired the entire residential building of Moore House comprising 149 units totalling 117,909 sq ft of net lettable area and 97 car parking spaces. Each unit is held by way of a 999 year leasehold interest.
The apartments comprise a mix of studios, 1, 2 & 3 bedroom flats and duplexes set over nine floors. All are finished to a premium standard and designed to a modern specification throughout. The Grosvenor Waterside Development also has nursery, gym and spa facilities.
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."
For further information contact:
London & Stamford Property Plc
Tel: +44 (0)20 7484 9000
Kreab Gavin Anderson
Tel: +44 (0)20 7074 1800
Notes to editors:
London & Stamford Property plc was set up to exploit opportunities that it anticipated in the UK property cycle and is a UK REIT. The Company has a highly experienced management team and invests in commercial property, including office, retail and distribution real estate assets, all of which are located in the UK, and in residential assets in Central London.
The Company is traded on the London Stock Exchange's Main Market (LSP.L) and is authorised by the FSA to carry out certain regulated activities.
Further information on the Company is available from the Company's website: www.londonandstamford.com
This information is provided by RNS