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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| London & Associated Properties Plc | LSE:LAS | London | Ordinary Share | GB0005234223 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.50 | 8.00 | 11.00 | 9.50 | 9.50 | 9.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 100.24M | 2.7M | 0.0317 | 3.00 | 8.11M |
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TIDMLAS
FOR IMMEDIATE RELEASE
28 May 2019
LONDON & ASSOCIATED PROPERTIES PLC:
OAKTREE CAPITAL MANAGEMENT JOINT VENTURE
London & Associated Properties PLC ("LAP") today announces that it and Oaktree
Capital Management have declined to inject further capital into their Harrogate
Portfolio ("the Portfolio") joint venture following a revaluation by the senior
lender resulting in a breach of the loan to value covenant.
Consequently, the mezzanine provider, DRC, has indicated its intention to take
over the equity of the Portfolio, comprising three shopping centres, in
accordance with the terms of the mezzanine loan documentation.
LAP currently owns a 3.17% interest in the Portfolio. As a result of DRC's
intentions LAP's interest in the joint venture has been written off. The
capital loss to LAP will be GBP1.783 million although this has no cash flow
implications.
LAP currently asset and property manages the Portfolio though its wholly owned
subsidiary LAMS for which it receives annual gross fees of approximately GBP
400,000. LAMS' exit from these management contracts is being negotiated.
Ends.
Contact:
John Heller, Chief Executive, LAP. Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates. Tel: 07767 444193
END
(END) Dow Jones Newswires
May 28, 2019 12:00 ET (16:00 GMT)
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