Property veterans Raymond Mould and Patrick Vaughan’s London & Stamford Property has exchanged conditional contracts with Legal & General to buy an office block in the City of London for £74m.

The deal for One Fleet Place, EC4, was revealed in Property Week before Christmas (19.12.08).

The 170,000 sq ft City of London office building is mainly let to Denton Wilde Sapte until 2025 at around £36/sq ft.

King Sturge acted for London & Stamford Property and Jones Lang LaSalle acted for Legal & General.

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.’

AIM-listed London & Stamford Property is externally managed by LSI Management which is run by Raymond Mould, Patrick Vaughan and Humphrey Price who are also non-executive directors of London & Stamford Property.

Mould, Vaughan and Price founded London & Stamford Investments in 2005 with backing from General Electric Pension Trust. The business was then acquired by London & Stamford Property last October.

London & Stamford Property is also thought to be in exclusive talks to buy a stake in British Land’s Meadowhall shopping centre in Sheffield.