Lon.&Assoc.Props PLC: Sale of Islington retail investment for GBP6.62m | Company Announcements

Tuesday 08 December, 2009

Lon.&Assoc.Props PLC

Sale of Islington retail investment for GBP6.62m


Announcement headline was different to release headline



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

Investegate takes no responsibility for the accuracy of the information within the site.

The announcements are supplied by the denoted source. Queries about the content of an announcement should be directed to the source. Investegate reserves the right to publish a filtered set of announcements. NAV, EMM/EPT, Rule 8 and FRN Variable Rate Fix announcements are filitered from this site.