London & Stamford refinance City of London office assets

Investors London & Stamford Property Plc has announced that it has completed the £100m refinancing with Santander Corporate Banking and DekaBank against its City of London office assets at One Fleet Place, London EC4 and One Carter Lane, London EC4 acquired in January 2009 and April 2011 respectively. The Facility was arranged by Santander Corporate Banking and DekaBank.

In April London & Stamford Property exchanged contracts, with UBS Triton Property Fund to acquire One Carter Lane and Two Old Change Court for £75m.

The property occupies a prominent island site immediately to the south of St Paul's Cathedral. It is long leasehold with a further 136 years unexpired and comprises 125,844 sq ft of office space in the City of London and 6,810 sq ft of retail accommodation.

Commenting at the time of the Carter Lane acquisition, Raymond Mould, Chairman of London & Stamford Property said: "Central London continues to show signs of economic growth and we are delighted to have acquired this prime, City of London property producing a relatively high net initial yield reflective of the nature of the investment. The transaction also represents an excellent asset management and/or refurbishment opportunity at a time when there is forecast to be a shortage of good quality buildings during a period of strong rental growth in the City."

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Posted by Sara