Lon.&Assoc.Props PLC Agreement to sell Brixton Markets for GBP37.25M
22 February 2018 - 7:00PM
UK Regulatory
TIDMLAS
22 February 2018
LONDON & ASSOCIATED PROPERTIES PLC ("LAP"):
AGREEMENT TO SELL BRIXTON MARKETS FOR GBP37.25M
LAP today announces that it has exchanged contracts to sell both Market Row and
Brixton Village in Brixton ("Brixton Markets") for GBP37.25 million cash to a
private group of property companies. Brixton Markets were let in their
entirety in 2011 to Market Village Ltd and currently produce a combined net
income of c GBP1.2 million per annum.
LAP acquired Brixton Markets as part of the Atlantic Group of Companies in
2006. Their last combined published book value at December 2016 was GBP24.5
million. GBP16 million of the proceeds will be used to repay debt, and the
balance will be added to our cash reserves.
John Heller, Chief Executive, said: "Brixton Markets were in a state of
decline when we acquired them, with significant levels of voids. Following a
programme of intense and proactive management, we are proud that today they are
home to arguably the most vibrant restaurant scene in London. We will now look
for new projects where we can use our management skills to create similar
strong levels of growth".
Ends.
Contact:
John Heller, Chief Executive, LAP.
Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates.
Tel: 07767 444193
END
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