REG-London & Associated Properties Plc: LAP Sells Kings Square, West Bromwich for £4.75m

London & Associated PropertiesAnnouncement

14/06/2022 07:00

FOR IMMEDIATE RELEASE

14 June 2022
 

LONDON & ASSOCIATED PROPERTIES PLC SURRENDERS LEASEHOLD INTEREST IN WEST
BROMWICH SHOPPING CENTRE
 

London & Associated Properties PLC (“LAP” or “the Company”) today
announces it has exchanged unconditional contracts to surrender its leasehold
interest in Kings Square, West Bromwich to the freeholder, Sandwell Council
for a premium of £4.75 million, representing a 5% discount to 2021 year-end
valuation. Completion is scheduled for 29 July 2022 and the proceeds will be
reinvested in new real estate.

Kings Square forms part of a portfolio used as collateral for a 1997 debenture
from Aviva expiring in August 2022 which LAP is in the process of refinancing.

The disposal continues LAP’s stated strategy of repositioning its portfolio
away from shopping centres. Following the sale, the Company’s principal
income-generating property assets comprise, by value: 19% industrial; 35%
mixed-use retail with a strong food offer; 27% community-orientated town
centre retail; and 19% other investments (including the current market value
of LAP’s 41.5% holding in Bisichi PLC).

John Heller, LAP’s Chief Executive Officer, said: “The Board constantly
reviews LAP’s mix of assets and is satisfied that our investments represent
a combination of strong current income, diversified asset class risk and
realistic opportunities for growth over the medium term.”
 

Ends.
 

Contact:

               John Heller, CEO,
LAP.                                                                              
Tel: 020 7415 5000

               Baron Phillips, Baron Phillips
Associates.                                             
Tel: 07767 444193



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