London & Stamford buys in Leeds

AIM-listed London & Stamford Property announced on Friday that it is acquired a property located at No1 Whitehall Riverside in Leeds from the Royal Bank of Scotland for £37.62 mln (EUR 45 mln). RBS was acting as trustee for the NewStar Property Unit Trust.

The 129,514 sq ft (12,300 m2) prime office building is multi let to seven tenants including Cobbett's, Mellon Analytical Solutions Europe and Grant Thornton UK. The average weighted unexpired lease term is 15.5 years and 84.7% of the leases by income are in excess of 17 years. The property is let at an average of £25.42 per sq ft.

Lewis Ellis acted for London & Stamford Property and Knight Frank acted for the Royal Bank of Scotland as Trustee for the NewStar Property Unit Trust.

Raymond Mould, non-executive Chairman of London & Stamford Property, said: 'This building adds to London & Stamford's growing portfolio and combines an excellent blend of building quality, current market rent, long lease length and secure income as well as regional diversity. Given the leverage we can also apply, No1 Whitehall Riverside will give us a very good income return on our equity investment.'

Ealier this year, London & Stamford acquired a 50% stake in the Meadowhall shopping centre from British Land for £588 mln. In January it announced the acquisition of One Fleet Place, EC4, London from Legal & General Assurance for £74 mln (EUR 80 mln).