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26 Mar 2008 07:00
FOR IMMEDIATE RELEASE
26 March 2008
LONDON & ASSOCIATED PROPERTIES AGREE ‚£16.5M SALES
London & Associated Properties PLC ("LAP"), the specialist retail property investor, today announces the disposal of two properties with a combined value of ‚£16.5m.
In London, LAP has exchanged contracts to sell Chenil House, its retail and office building on Kings Road, to a private property company for ‚£15.0m cash, although the final sale price may be higher depending on the planning consent secured by the purchaser. The last published valuation of Chenil House, as at 31 December 2006, was ‚£13.6m.
In addition, LAP has completed the sale of a small shopping parade and adjacent land in Bradford for ‚£1.5m compared to the last published valuation of ‚£1.1m.
John Heller, Chief Executive of LAP, said: "Although we had looked to gain a planning consent and develop Chenil House ourselves, we believe that our core competence lies within retail property and were therefore happy to accept an attractive offer, which was not conditional on planning. This frees management time to focus on adding to the acquisitions in the retail sector already made this year. At the same time, Bradford no longer fitted within our portfolio."
Ends.
Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
LONDON AND ASSOCIATED PROPERTIES PLC
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