FOR IMMEDIATE RELEASE
23 May 2018
LONDON & ASSOCIATED PROPERTIES PLC:
£5.6M JOINT
VENTURE RETAIL ACQUISITION
London & Associates
Properties PLC (“LAP”) today announces it has formed a joint
venture that has exchanged contracts to acquire the freehold of
five shops in West Ealing, London.
LAP and Bisichi Mining Plc, its listed subsidiary, will each own
45% of the joint venture, with the remaining 10% owned by Metroprop
Real Estate Ltd.
The shops produce a current rent of c£140,000 per annum and have
planning consent for 20 flats at first and second floor. Four
flats have already been built and are currently vacant.
The consideration for the shops, before transaction and
development costs, will be £5.6 million cash.
John Heller, LAP’s CEO,
commented: “This is an exciting opportunity to acquire a
substantial block of shops in a rapidly improving part of
West London. The portfolio
is a five-minute walk from West Ealing Crossrail station and we
expect values there to continue to rise over the medium term.
I look forward to updating shareholders as the development
progresses”.
Ends.
Contact:
John Heller, CEO, LAP.
Tel: 020 7415 5000
Baron Phillips, Baron Phillips
Associates.
Tel: 07767 444193