London & Stamford Property, the AIM listed company run by Patrick Vaughan and Raymond Mould, has made its first sale since listing last week.
It has sold a portfolio of Belgium properties for £21.4m to Ascensio SCA, a Belgium-based real estate investment trust.
Proceeds will pay off debt
The company completed a £285m flotation on AIM last week and the net proceeds will repay existing debt and will go towards the company’s commercial property investment strategy.
As reported in Property Week (07-07-06) the portfolio of 36 retail warehouses in Belgium was purchased in August 2006 as Vaughan and Mould’s first European purchase as London & Stamford.
More than 300,000 sq ft of space
The portfolio covers 310,800 sq ft with a current annual rent of approximately £1.5m with 12 different tenants such as Brantano, Krefel, Lidl and Carglass.
Raymond Mould, the non-executive chairman of London & Stamford Property, said: ‘We constantly review the investment strategy of the company’s portfolio and decided to dispose of these properties after some yield compression and following a period when the cost of capital has increased. We are pleased to have completed this sale as planned.’