Lon.&Assoc.Props PLC Agreement to sell Brixton Markets for GBP37.25M

 
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: [phone] 
 
Baron Phillips, Baron Phillips Associates. 
Tel: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

February 22, 2018 03:00 ET (08:00 GMT)