London & Associated Properties, the listed specialist retail property investor, has completed the sale of Chenil House on Kings Road, London for £14.9m
In a Stock Exchange announcement today it said the sale of the retail and office building, which was marginally reduced from £15m to reflect an early completion compared well to a valuation of £13.5m last December.
John Heller, chief executive of London & Associated Properties, said: ‘I am pleased to report on a sale ahead of our book value as at 31 December 2007, even in this difficult market. I believe this reflects the conservative nature of our valuations.
‘We intend to use approximately £10m of the proceeds to reduce borrowings through part repayment of our revolving credit facility with the remainder being added to our existing cash balances. The market uncertainty is throwing up numerous opportunities and I look forward to announcing further acquisitions in due course as a result of our strong financial position.’
It follows the announcement last week that London & Associated Properties had signed a £74m joint venture – called Analytical Ventures - with the Bank of Scotland Corporate to invest in shopping investments across the UK.
Blenheim Bishop acted for London & Associated Properties.