| London & Stamford Property, the AIM- listed | | | | & Stamford's existing £150million loan facility with |
| property investor, today announced that it has | | | | Bank of Scotland. This will generate an equity yield of |
| exchanged contracts with Warner Estate Joint | | | | 15.30% initially rising to 18.5% once full letting is |
| Ventures Limited and Uberior Ventures Limited to | | | | achieved. |
| acquire Radial Distribution Limited ("Radial") for | | | | London & Stamford will hold a 94% interest in Radial, |
| £208.5million (excl. costs). | | | | with Anglesea Capital holding the remaining 6%. |
| The Radial portfolio consists of 16 prime distribution | | | | Anglesea Capital is a distribution sector specialist and |
| warehouses totalling 3.4m sq ft (total site area of | | | | will work closely with LSI as asset manager of the |
| 165 acres), in prime locations across the UK. Of the | | | | portfolio. It was set up in June 2009 by Rhys Lewis, |
| 16 units, 13 are located in the Midlands and one in | | | | former principal and head of UK at Rockpoint and |
| Scotland, the South East and the South West. | | | | already owns a £260 million portfolio in a joint |
| There are 13 tenants in total, including Tesco PLC, | | | | venture with Rockpoint. |
| Travis Perkins plc, Eddie Stobart Limited, Kuhne & | | | | Raymond Mould, the Non-executive Chairman of |
| Nagel and Northrop Grumman. The portfolio has a | | | | London & Stamford Property, said: |
| weighted average unexpired lease term of 6.23 | | | | "We are delighted to have made this excellent |
| years. The current passing rent of the portfolio is | | | | acquisition for London & Stamford alongside its joint |
| £17.36million per annum from 14 of the 16 units. | | | | venture partner Anglesea Capital. The portfolio |
| There are currently two vacant units and once fully | | | | represents exceptional value and combines prime |
| let the portfolio is expected to produce an annual | | | | quality assets in prime locations, good tenant mix, |
| rental income of £18.91million, which equates to a | | | | secure income and an attractive cash on equity |
| property net initial yield of 8.75%. | | | | return." |
| The transaction will be financed out of existing cash | | | | M3 and Savills acted for both London & Stamford |
| resources and using the debt available under London | | | | Property Limited and Anglesea Capital. |