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18 May 2012 10:58
FOR IMMEDIATE RELEASE
18 May 2012 LONDON & ASSOCIATED PROPERTIES PLC: INTERIM MANAGEMENT STATEMENT
London & Associated Properties PLC ("LAP" or "the Company"), the specialist retail investor, today releases its Interim Management Statement for the period from 1 January 2012 to 18 May 2012.
While trading continues to be challenging, the Board is pleased to report that vacancy levels throughout our portfolio remain extremely low at less than 2% by rental value. This reflects the quality of our shopping centres and the broad diversity of our tenant base. We believe that our centres will continue to perform well with relatively high occupancy levels for the foreseeable future, in spite of the current difficult economic environment.
As we have stated previously, cash flow management remains a high priority. We are negotiating the renewal of our £44m revolving credit facility with the Royal Bank of Scotland which expires in September 2012. None of our other term loans expire within the next 12 months and LAP remains within its banking covenants.
Our asset management subsidiary, London & Associated Management Services, is continuing to grow its franchise. We have been invited to undertake strategic reviews of a number of distressed shopping centre portfolios as lenders seek to utilise our proven asset management skills in stabilising their investments.
In March 2012 we sold our remaining share portfolio (excluding our stake in Bisichi Mining PLC) for £0.78m, reflecting a £0.1 million surplus over 31 December 2011 book values. Since the year end we have also moved offices from St James's Square, London SW1 to Bruton Place, London W1. These decisions have freed up more resources which will enable us to take advantage of commercial opportunities as they arise. Last week we changed our stockbrokers to Westhouse Securities Limited.
Ends. Contact:
London& Associated Properties PLC Tel: 020 7415 5000
John Heller, Chief Executive
Robert Corry, Finance Director
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips
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