Last checked at 11 Jun 2008 10:45
FOR IMMEDIATE RELEASE
11 June 2008 LONDON & ASSOCIATED PROPERTIES PLC: INTERIM MANAGEMENT STATEMENT
London & Associated Properties PLC ("LAP" or "the Company"), the UK shopping centre and Central London property investment company, held its Annual General Meeting today at which Michael Heller, Chairman, gave a trading update for the period since 1 January 2008.
He told shareholders that he is satisfied with LAP's performance so far in 2008. He said: "Our strategy of selling mature properties has left us in a strong position, while our remaining core portfolio continues to perform at record levels even in the current uncertain climate."
LAP continues to benefit from its well-documented strategy which has ensured the Company is in a strong cash position following a series of well-timed and successful disposals.
Since the start of the year LAP has exchanged contracts to sell Chenil House, King's Road, Chelsea for ‚£15.0 million against a 31 December 2007 book value of ‚£13.5 million. In addition it has disposed of a further ‚£1.6 million of non-core properties compared to a book value of ‚£0.8 million.
Over the period it has established a new ‚£74 million joint venture with the Bank of Scotland and the Company is examining a number of opportunities that fall within its investment criteria and where the Directors believe they can enhance both values and income through their proven asset management skills. In January LAP acquired a 54,000 sq ft Primark store in Chesterfield for ‚£8.7 million.
In spite of the well documented uncertainties in the economy generally and retailing specifically the Company has negotiated a number of record rents over the past three months. These include a unit at King Edward Court, Windsor where Dorothy Perkins has taken a lease at ‚£195,000 against an estimated rental value of ‚£175,000, and 3 pre-lets at Orchard Square, Sheffield achieved on new shops that are currently being developed at a rent per square foot (Zone A) ranging from ‚£88 to ‚£91 compared to ‚£71 previously. As a result LAP's current annualised rent roll now stands at ‚£17 million.
LAP intends to announce its half-year results for the six months to 30 June2008 in late August. Ends. Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Robert Corry, Finance Director, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
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