UK - London & Stamford Property, the listed company managed by Raymond Mould and Patrick Vaughan, has sold a UK office building for £51.3m (€56.6m), nine months after buying it for £37.6m
The sale of 1 Whitehall Riverside in Leeds to NFU Mutual Insurance Society will be seen as a shrewd deal for the opportunistic investor, representing a 36% return on its original investment.
UK capital values increased by 8.1% in the final quarter of 2009, according to International Property Databank, representing the largest ever capital growth recorded over a three-month period.
London & Stamford purchased the prime office building in May 2009 from Henderson New Star Property in April 2009, which had previously acquired the building for £64.5m in August 2006.
The 129,514 square foot asset is let to seven tenants, including Cobbett's, Mellon Analytical Solutions and Grant Thornton UK.
London & Stamford has also announced it had secured a new tenant for its Racecourse Retail Park in Aintree: consumer electronics retailer Best Buy in a joint venture with The Carphone Warehouse.
London & Stamford purchased the retail park from a subsidiary of Land Securities in June 2009 for approximately £70m, let to tenants including B&Q, Marks & Spencer, Next and Boots.