London & Stamford has said it is planning to raise fresh equity for further investments in the UK after two recent acquisitions. 'As a result of the positive deal flow and our belief that we can continue to source new deals, we intend to raise further equity,' the company said in a statement on its full-year results.
London & Stamford has said it is planning to raise fresh equity for further investments in the UK after two recent acquisitions. 'As a result of the positive deal flow and our belief that we can continue to source new deals, we intend to raise further equity,' the company said in a statement on its full-year results.
L&S has completed the acquisition of the Somerfield Distribution Unit at the Park Farm Industrial Estate in Wellingborough, for £20 mln (EUR 23.6 mln). The park was bought from Phoenix Life Limited, a fund managed by Ignis Asset Management, and provides 341,320 sq ft of distribution space let to Somerfield Stores with Somerfield as guarantor for a further 18.4 years at a rent of £1.79 mln per annum. M3 acted for London & Stamford Property Limited and Savills acted for Ignis Asset Management.
Raymond Mould, non-executive chairman of L&S Property, said: 'Given the leverage we can also apply, Somerfield Distribution Unit will give us a very good income return on our equity investment.'
The company has also exchanged contracts with a subsidiary of Land Securities to acquire Racecourse Retail Park in Aintree for £61 mln. The deal represents L&S's first purchase in the retail warehouse sector. The 291,471 sq ft retail park is let to 13 tenants including B&Q, Homebase, Mothercare, Marks and Spencer, Next and Boots with a weighted average unexpired lease term of 13 years. The property generates £5.5 mln per annum. Savills acted for L&S and C&W acted for Land Securities.
