AIM-listed property investment company London & Stamford (L&S) said on Thursday that it has signed a new £ 200mln (EUR 251mln) joint venture agreement with Cavendish, a wholly-owned subsidiary of a Gulf sovereign wealth investor. Under the new agreement, Cavendish will provide co-investment funds of an initial £ 200mln to invest on UK property. L&S is retaining the right to act wholly and solely on its own account on individual deals of up to £ 30mln. The company will share the investment in any larger deals with Cavendish, which will hold a 80% stake in same.
AIM-listed property investment company London & Stamford (L&S) said on Thursday that it has signed a new £ 200mln (EUR 251mln) joint venture agreement with Cavendish, a wholly-owned subsidiary of a Gulf sovereign wealth investor. Under the new agreement, Cavendish will provide co-investment funds of an initial £ 200mln to invest on UK property. L&S is retaining the right to act wholly and solely on its own account on individual deals of up to £ 30mln. The company will share the investment in any larger deals with Cavendish, which will hold a 80% stake in same.
L&S, which was founded last year to take advantage of troubled sales in the UK market, said in a statement that the partnership will give it 'far greater investment reach' in the current market conditions. The agreement is due to last for seven years.
