London & Stamford Property Limited has announced the sale of No. 1 Whitehall Riverside, Leeds to the NFU Mutual Insurance Society Limited for £51.3 mln (EUR 58.3 mln). The 129,514 sq ft prime office building is multi-let to seven tenants including Cobbett's LLP, Mellon Analytical Solutions, Europe and Grant Thornton UK LLP.
London & Stamford Property Limited has announced the sale of No. 1 Whitehall Riverside, Leeds to the NFU Mutual Insurance Society Limited for £51.3 mln (EUR 58.3 mln). The 129,514 sq ft prime office building is multi-let to seven tenants including Cobbett's LLP, Mellon Analytical Solutions, Europe and Grant Thornton UK LLP.
London & Stamford Property, a closed-ended investment company based in Guernsey, is advised by LSI Management LLP. The principal partners of LSIM include Raymond Mould, Patrick Vaughan, Martin McGann, Jeremy Bishop and Stewart Little. Raymond Mould, Patrick Vaughan and Martin McGann are also non-executive directors of London & Stamford Property.
After making no acquisitions during 2008, the company made six new investments in 2009 using £190 mln of equity. In July 2009, the company raised a further £225.8 mln (gross proceeds) through a placing and open offer.
The company was established on 1 October 2007 in order to exploit opportunities that it anticipated in the UK property cycles to invest principally in commercial property. The company raised £247.5 mln in gross proceeds through a placing in November 2007 when it was admitted to trading on AIM.
In October 2007, the Company entered into a five year revolving credit facility with Bank of Scotland for £150 mln. The facility is extendable by the Company for a further two years and carries a margin of 80 basis points over LIBOR.
