Lon.&Assoc.Props PLC: Sale of Islington retail investment for GBP6.22m | Company Announcements

Monday 07 December, 2009

Lon.&Assoc.Props PLC

Sale of Islington retail investment for GBP6.22m


FOR IMMEDIATE RELEASE

7 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 represented
by 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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