TIDMLAS
FOR IMMEDIATE RELEASE
17 August 2010
LONDON & ASSOCIATED PROPERTIES ("LAP") SELLS ANTIQUARIUS, KINGS ROAD RETAIL
INVESTMENT
FOR GBP17.82M
LAP announces today that it has exchanged contracts unconditionally for the
sale of its 65 year head leasehold interest in Antiquarius, located on Kings
Road, London SW3, to Cadogan Estates Property Investments Limited for GBP17.82m.
The property is let to Urbn Limited, trading as Anthropologie and McDevitt
Corporation Limited, until 2024 at a combined rent of GBP1,150,000 pa. After a
head rent of GBP68,640 pa this equates to a net initial yield of 5.74%. The book
value as at 31 December 2009 was GBP17.0m. GBP12.75 million of the proceeds will be
used to pay down a revolving credit facility and the balance will be added to
cash reserves.
LAP was advised in the sale by Lewis & Partners and the purchaser was
represented by H2SO.
Ends.
Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
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