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London & Stamford Property in raising to snap up assets on cheap
LONDON & Stamford Property, the vehicle launched to exploit Britain’s property bust, yesterday said it was planning to raise new equity to take advantage of the slump in prices.
The Aim-listed firm said it is looking to raise an unspecified sum to bolster its remaining £90m of equity and £150m undrawn credit facility to bankroll new property buys.
The group also reported profits of £24m for the year ending 31 March 2009.
The company has already bought more than £750m of discounted UK commercial property since its flotation last November.
Raymond Mould, non-executive chairman said he believed UK property values are set to weaken further.