London & Stamford Property has completed the sale of the Triangle distribution portfolio for £265 mln (EUR 324 mln) to BRE/Rhombus Bidco Sarl, an entity managed by a Blackstone real estate fund. The deal price includes £150 mln to repay related debt.
London & Stamford Property has completed the sale of the Triangle distribution portfolio for £265 mln (EUR 324 mln) to BRE/Rhombus Bidco Sarl, an entity managed by a Blackstone real estate fund. The deal price includes £150 mln to repay related debt.
In a statement on Wednesday, London & Stamford said its cash balance now stands at £214 mln, which, when taken alongside its joint venture partner's unspent commitment and with reasonable gearing assumptions, produces total firepower well in excess of £800 mln.
London & Stamford Property was set up to exploit opportunities that it anticipated in the UK property cycle and is a group UK-REIT.
