"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
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
... full statement
Sir Michael Heller, Chairman.
John Heller, Chief Executive.
Final results for the year ending 31 December 2013 are available now to download
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