Last checked at 8 Dec 2009 16:13
Announcement headline was different to release headline
FOR IMMEDIATE RELEASE7 December 2009
LONDON & ASSOCIATED PROPERTIES ("LAP") SELLS ISLINGTON RETAIL INVESTMENT FOR
6.62M
LAP, the specialist retail investor and developer, today announces that it has completed the sale of the Mall, Upper Street, Islington in London for 6.62m to PRUPIM. The sale price reflects a net initial yield of 5.25%.
The 7,588 sq ft retail investment is fully let to the fashion retailer Jack Wills on a 10 year lease at an annual rent of 367,500 from 29 September 2009. The rent is due to commence on 6th January 2010 following a rent free period.
Approximately 3.2m of the proceeds 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.
LAP was advised in the sale by Lewis & Partners and purchaser was representedby Jones Lang La Salle. Ends. Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
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