Commercial Property News

London & Stamford signal market ready for bottom fishers

London & Stamford Property, today announced that it has exchanged conditional contracts with Legal & General Assurance Society Ltd to acquire One Fleet Place, EC4 for £74million. The purchase is expected to complete shortly after the satisfaction of the conditions.

London & Stamford has been keeping it's powder dry since last spring, waiting for the right time to start it's acquisition programme. The firm has looked at over 200 properties before settling on this one


The 170,000 sq ft prime City of London office building is mainly let to Denton Wilde Sapte LLP until 2025, at a rent of some £36 per sq ft.


King Sturge LLP acted for London & Stamford Property Limited and Jones Lang LaSalle acted for Legal & General Assurance Society Ltd.


Raymond Mould, the Non-executive Chairman of London & Stamford Property, said:


"This building combines an excellent blend of building quality, current market rent, long lease length, secure income and given the leverage we can apply, it gives us a very good income return on our investment."

Tue, 6th Jan 2009

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