REG-Lon.&Assoc.Props PLC: Acquisition of £6.2 Million Industrial Portfolio

London & Associated PropertiesAnnouncement

15/10/2018 08:05

FOR IMMEDIATE RELEASE

15 October 2018

LONDON & ASSOCIATED PROPERTIES (“LAP” or “the Company”):

ACQUISITION OF £6.2 MILLION INDUSTRIAL PORTFOLIO

LAP today announces it has completed the acquisition of a £6.2 million
industrial portfolio located on Runcorn’s Manor Park estate in the heart of
the town’s commercial area.

Located near the new Mersey Gateway Bridge, the fully let 137,500 sq ft
portfolio, comprising nine industrial units let to eight tenants, currently
generates an income of £0.6 million a year.

The properties are let on rents mainly between £4.00 and £4.50 per sq ft
although the most recent letting achieved £5.50 per sq ft. As a result, the
Company believes the portfolio provides a number of potential asset management
opportunities which it is already exploring.

The acquisition has been funded entirely from existing cash resources.

John Heller, LAP’s Chief Executive, said: “I am pleased to announce the
acquisition of our first industrial property portfolio. Although we are new
investors in this sector, I believe our extensive experience of owning and
managing multi-let retail properties will be equally relevant to this type of
asset.

“Following our previously announced investment in a residential development
site in West Ealing, jointly with Bisichi Mining Plc, which completed last
week, this latest acquisition represents a further re-balancing of our
portfolio away from pure retail property. We have another industrial asset
under offer and I look forward to updating shareholders on this and other
progress on our portfolio in coming weeks.”

Ends.

Contact:
John Heller, Chief Executive, LAP.                Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates.      Tel: 07767 444193



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