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London & Stamford Within JV Along With Anglesea Capital Buy Radial Portfolio With Regard To 208.

5 Million -- Net Intial

London & Stamford Property, the actual AIM- listed property investor , today announced that it has exchanged agreements with Warner Estate combined Ventures restricted and Uberior Ventures limited to acquire Radial Distribution restricted ("Radial") with regard to 208.5million (excl. Costs ).

The Radial portfolio consists of 16 perfect distribution warehouses totalling 3.4m sq ft (total site area of 165 acres ), in perfect locations across the UK. Of the 16 models , 13 can be found in the Midlands and one within Scotland, the actual South East and also the South West.

There are thirteen tenants as a whole , including Tesco PLC, Travis Perkins plc, Eddie Stobart Limited, Kuhne & Nagel and Northrop Grumman. The actual portfolio includes a weighted average unexpired lease term associated with 6.23 years. The present passing lease of the profile is 17.36million per annum from 14 of the 16 units. There are currently 2 vacant models and once completely let the profile is expected to create an annual rental income of 18.91million, which equates to a house net initial yield associated with 8.75%.

The transaction will be financed from existing cash resources and taking advantage of the debt available under london & Stamford's existing 150million loan facility with bank of Scotland. This will produce an equity yield associated with 15.30% initially increasing to eighteen.5% once full letting is achieved.

London & Stamford holds a 94% interest in Radial, with Anglesea Capital holding the remaining 6%. Anglesea capital is a distribution sector specialist and will work closely with LSI as resource manager of the portfolio. It had been set up in june 2009 by Rhys Lewis, former primary and mind of uk at Rockpoint and currently owns a 260 million portfolio inside a joint venture along with Rockpoint.

Raymond Mould, the actual Non-executive Chairman of London & Stamford home , said:

"We are delighted to have made this excellent acquisition for london & Stamford alongside its joint venture partner Anglesea capital. The profile represents outstanding value and combines perfect quality assets in perfect locations, great tenant blend , secure earnings and a stylish cash upon equity return."

M3 and Savills acted with regard to both london & Stamford Property restricted and Anglesea Capital.

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