REG - Lndn & Stfd Prop plc - Acquisition
28 June 2012
LONDON & STAMFORD PROPERTY PLC
("London & Stamford", "LSP" or the "Group")
Acquisition of South East office building in Leatherhead for £61.15m
London & Stamford Property Plc (LSE: LSP.L) today announces that it has completed on the acquisition of an office building located on Leatherhead Office Park in the South East for £61.15 million (excl. costs), reflecting a net initial yield of 6.85%. The vendor is Scottish Widows Investment Partnership and Orchard Street Investment Management.
The high quality property, called Unilever House, comprises 179,457 sq ft and is let in its entirety to Unilever UK Limited at a rent of £4.43 million per annum. The unexpired lease term is for a further 11 years. Unilever House, purpose built for Unilever in 2008 and also the company's UK & Ireland headquarters, is within close proximity to the M25 motorway. The purchase also includes 520 car parking spaces and an existing planning consent to extend the building.
It is anticipated that leverage will be applied to the asset.
Raymond Mould, Chairman of London & Stamford, said:
"We are pleased to have acquired Unilever House. It is a high quality asset in an attractive and established location adjacent to the M25 and offers an excellent cash yield combined with a secure tenant. The South East office market has witnessed a number of major lettings recently and is demonstrating good levels of demand from occupiers looking to relocate to the best available space. We believe that there will be further opportunities in the South East office sector."
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 group UK-REIT. The Company has a highly experienced management team and invests in and actively manages commercial property, including office, retail and distribution real estate assets, all of which are located in the UK, and 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
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