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9 Dec 2009 11:30
FOR IMMEDIATE RELEASE
9 December 2009
LONDON & ASSOCIATED PROPERTIES ("LAP") SELLS SECOND ISLINGTON RETAIL INVESTMENT
FOR 3.8M
LAP, the specialist retail investor and developer, today announces that it has exchanged contracts unconditionally for the sale of 355 Upper Street, Islington, London N1 for 3.8m to a private buyer. The sale price reflects an initial yield of 5.75%.
The property is let until 2020 to Foxtons Ltd at a current rent of 230,000 pa. This disposal follows last week's sale of the adjacent Mall for 6.62m taking total proceeds to 10.42m. The combined book value of both properties was 8.06m.
Approximately 2.3m of the proceeds from the latest sale will be used to pay down a revolving credit facility with Royal Bank of Scotland. The balance will be added to LAP's cash reserves. Completion will be 15 January 2010.
LAP was advised in the sale by Lewis & Partners.
Ends.
Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
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