London & Stamford will ask shareholders for additional investment fire-power after becoming the only property company this year to report a positive movement in the value of its assets.
The Aim-listed fund, managed by property veterans Raymond Mould and Patrick Vaughan, yesterday said that it planned to raise new capital, ahead of a move to the main market next year and a potential conversion to a real estate investment trust.
Net asset value per share rose 5% to 102p for the year to March 2009, a rare increase in a sector where values have tumbled over the past year.
The results come on the back of gains in two of its investments, a City of London office block called Fleet Place and Meadowhall shopping centre in Sheffield, as well as a fair value adjustment in the value of the debt in the latter. However, other legacy assets declined in value in line with losses in the wider market.
Financial Times, Daily Telegraph