FOR IMMEDIATE RELEASE
23 May 2018
LONDON & ASSOCIATED PROPERTIES PLC:
£5.6M JOINT VENTURE RETAIL ACQUISITION
London & Associates Properties PLC (“LAP”) today announces it has formed a joint venture that has exchanged contracts to acquire the freehold of five shops in West Ealing, London.
LAP and Bisichi Mining Plc, its listed subsidiary, will each own 45% of the joint venture, with the remaining 10% owned by Metroprop Real Estate Ltd.
The shops produce a current rent of c£140,000 per annum and have planning consent for 20 flats at first and second floor. Four flats have already been built and are currently vacant.
The consideration for the shops, before transaction and development costs, will be £5.6 million cash.
John Heller, LAP’s CEO, commented: “This is an exciting opportunity to acquire a substantial block of shops in a rapidly improving part of West London. The portfolio is a five-minute walk from West Ealing Crossrail station and we expect values there to continue to rise over the medium term. I look forward to updating shareholders as the development progresses”.
John Heller, CEO, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 07767 444193