FOR IMMEDIATE RELEASE
15 October 2018
LONDON & ASSOCIATED PROPERTIES (“LAP” or “the Company”):
ACQUISITION OF £6.2 MILLION INDUSTRIAL PORTFOLIO
LAP today announces it has completed the acquisition of a £6.2 million industrial portfolio located on Runcorn’s Manor Park estate in the heart of the town’s commercial area.
Located near the new Mersey Gateway Bridge, the fully let 137,500 sq ft portfolio, comprising nine industrial units let to eight tenants, currently generates an income of £0.6 million a year.
The properties are let on rents mainly between £4.00 and £4.50 per sq ft although the most recent letting achieved £5.50 per sq ft. As a result, the Company believes the portfolio provides a number of potential asset management opportunities which it is already exploring.
The acquisition has been funded entirely from existing cash resources.
John Heller, LAP’s Chief Executive, said: “I am pleased to announce the acquisition of our first industrial property portfolio. Although we are new investors in this sector, I believe our extensive experience of owning and managing multi-let retail properties will be equally relevant to this type of asset.
“Following our previously announced investment in a residential development site in West Ealing, jointly with Bisichi Mining Plc, which completed last week, this latest acquisition represents a further re-balancing of our portfolio away from pure retail property. We have another industrial asset under offer and I look forward to updating shareholders on this and other progress on our portfolio in coming weeks.”
John Heller, Chief Executive, LAP.
Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates.
Tel: 07767 444193