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"I am pleased to report on a year of progress at LAP. The most significant event of 2013 was the successful disposal of King Edward Court in Windsor for £105 million. This brought the total proceeds from this centre to £108 million, since an additional unit let to Superdry, was sold for £3.175 million in July 2013.

The disposal marks the end of our successful ownership of King Edward Court. Shareholders will recall that we acquired it in 2002 for £45 million as the first investment in our joint venture with Bank of Scotland (now Lloyds Banking Group). Between 2005-07 we redeveloped some 250,000 sq. ft. of Grade A retail space to meet retailer demand. This scheme cost c.£25 million and included a new Waitrose supermarket plus shops for Zara, H&M, Top Shop and New Look, as well as a Travelodge hotel. The development established Windsor as a significant comparison shopping town, and led to continuous rental growth even during the most difficult years of the recession.

We felt that the time was right to make this disposal. Strong investor demand for quality shopping centres reinforced our opinion, and we considered that further growth would only be achievable through significant development of one end of the scheme."


... full statement

Sir Michael Heller, Chairman.
John Heller, Chief Executive.

2013 results

Final results for the year ending 31 December 2013 are available now to download

share price

24 Oct 14 16:24

40.75  +40.75

FTSE All-Share  -0.4%

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