London and Associated Properties PLC
LONDON & ASSOCIATED PROPERTIES (“LAP”) SELLS
ANTIQUARIUS, KINGS ROAD RETAIL
INVESTMENT
FOR [pounds]17.82M
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 [pounds]17.82m. The property is let to Urbn Limited, trading as Anthropologie and McDevitt Corporation Limited, until 2024 at a combined rent of [pounds]1,150,000 pa. After a head rent of [pounds]68,640 pa this equates to a net initial yield of 5.74%. The book value as at 31 December 2009 was [pounds]17.0m. [pounds]12.75 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
Category: Property News
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