London & Stamford buys London apartments for EUR 27m

London & Stamford Property (LSP) is buying apartments in the UK capital for £24.4 mln (EUR 27 mln) from Kilmorie Investments.

The transaction involves the acquisition of the long leasehold interest in 74 private residential units and 30 car parking spaces at The Apartments on Clapham Road, Oval, London.

LSP has paid a deposit of £2.4 mln for vacant possession of the recently developed apartments with completion expected in mid-September. The acquisition will be financed initially out of existing cash resources

The long leasehold is for a period of 999 years and the 74 units have a total net saleable area of approximately 4,500 m². The residential units comprise a mix of studio, 1 bedroom and 2 bedroom apartments. The scheme is located on the southern side of Clapham Road, approximately 500 metres from both the Oval and Stockwell underground stations, giving rapid access to both the City and the West End.

Clapham Road was developed by Galliard Homes Limited.

Raymond Mould, Chairman of London & Stamford Property, said: 'We are very pleased to have added a further good quality asset to our growing residential portfolio so soon after our purchase of Seward Street in Islington. The fundamentals of the Central London residential market remain strong and London & Stamford continues to look for opportunities in the space.'

Last July LSP acquired a residential development project in the Islington borough of London for £49.1 mln (EUR 56 mln).

The company was set up by veteran UK real estate investors Raymond Mould and Patrick Vaughan to exploit re-pricing in the UK real estate market in the downturn. At end-March 2011 the company had £1.5 bn (EUR 1.7 bn) of assets under management. .