London & Stam. Share Discussion Threads

[moocher2] 07/8/2009 23:04

fancy lsp higher. trading up over the last 3 months. uk property market will turn in next 24 months and these guys well placed to take full advantage. 2 quid bt christmas!

[badtime] 01/8/2009 10:21

Wel...not bad at all...got its money and share price has actually increased ...took mine up but hav to say sold them..as i hold enuff of these anyways.

[kiwi2007] 19/7/2009 12:50

The issue was rumored to be at least two times oversubscribed according to the FT.



Search is on for next set of trophy sites

By Daniel Thomas

Published: July 13 2009 12:45 | Last updated: July 13 2009 12:45

London & Stamford, the Aim-listed investment vehicle of UK property veterans Patrick Vaughan and Raymond Mould, last week raised £220m, adding to an already sizeable war chest aimed at taking advantage of the bottom of the property market.

L&S could have raised twice that amount, such was the level of interest, but turned the extra cash down for fear that it could not be spent fast enough. The deal underlines the success the company has had in its first year on London's alternative investment market, when it has been able to exploit an early-mover advantage as one of the few in the market with both equity and the debt to back it up.

Now, it is looking for its next set of trophy properties to bulk up ahead of a proposed conversion into a real estate investment trust next spring. "We think that the market is poised to give back value," says Mr Vaughan.

The company looked at more than 200 deals before completing its first at One Fleet Place, an office block in the City of London. Shortly afterwards, it bought half of British Land's £1.2bn Meadowhall shopping centre, and made several smaller deals.

The City office block deal was one of the most...........................more..........

[topvest] 10/7/2009 21:38

I will take up all my entitlement. London & Stamford are buying properties at a very opportune time with a very strong balance sheet. They will benefit from others pain.

[kiwi2007] 10/7/2009 12:29

Around £5 million?

[sleepy] 10/7/2009 07:56

Kiwi - what is the TOTAL level of fees that management can/are extracting from this and its subs/associates?

[kiwi2007] 10/7/2009 07:16

one for two at £1.05

SUMMARY


*
Under the Placing and Open Offer, LSP intends to issue 215.0 million New Ordinary Shares, comprising:

*
72.5 million Firm Placed Shares (representing gross proceeds of £76.1 million), pursuant to the Firm Placing, which have been conditionally placed with institutional and other investors by KBC Peel Hunt and are not subject to clawback; and

*
142.5 million Open Offer Shares (representing gross proceeds of £149.6 million) to be made available to Qualifying Shareholders pursuant to the Open Offer, which have been conditionally placed with institutional and other investors by KBC Peel Hunt, subject to clawback.

*
The Placing and Open Offer has been fully underwritten by KBC Peel Hunt subject to and in accordance with the terms of the Underwriting Agreement.

*
The Issue Price is 105p, representing a discount of 13.75p (11.6 per cent.) to the closing mid market price of 118.75p per Ordinary Share prevailing on the London Stock Exchange on 9 July 2009 (the last business day prior to the issue of this announcement), and a premium of 2.7p (2.6 per cent.) to the last reported NAV per Ordinary Share of 102.3p as at 31 March 2009.

*
Under the Open Offer, Qualifying Shareholders have the right to subscribe for their pro rata entitlement of Open Offer Shares on the basis of one Open Offer Share for every two Existing Ordinary Shares.

*
The Board has committed to subscribe for 3,823,727 shares under the Placing and Open Offer.

*
The Placing and Open Offer is being carried out to provide further capital for LSP in order to continue to exploit market weakness and take advantage of high quality deal flow.

*
The difficult economic conditions, restricted availability of financing and weakness in the UK property market following a sustained period of rising values and plentiful availability of debt has created opportunities to acquire property assets at attractive yields.

*
LSP's senior management have a proven track record of anticipating UK property cycles whilst creating, building and exiting property vehicles which have delivered above-market returns to shareholders. Recent acquisitions have demonstrated LSP's ability to invest in high quality real estate assets generating high cash on equity returns.

*
To reflect the increased size and scope of the business, the Directors will consider applying to move the Company to the Main Market of the London Stock Exchange and convert into a UK Real Estate Investment Trust (REIT) as and when the appropriate requirements are satisfied and subject to the Directors' assessment of the benefits at the time.

*
It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 30 July 2009.

Raymond Mould, the Non-Executive Chairman of LSP, said:


"This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford's acquisition capability, enabling us to continue to create value for our shareholders through the acquisition of high quality assets on attractive terms. We have demonstrated our ability to acquire prime property at high cash on equity returns. These additional funds give us further firepower to take advantage of the exceptional buying opportunities available."

[badtime] 22/6/2009 23:01

Nice to c it nudging back up

[serotine] 14/6/2009 04:41

from Telegraph

[badtime] 28/4/2009 20:59

nudging up nicely

[serotine] 15/4/2009 12:58

London & Stamford To Invest GBP600M In Property By End Of 2Q

News update

2009-04-15 12:54


By Anita Likus
Of DOW JONES NEWSWIRES


LONDON (Dow Jones)--London & Stamford Property Ltd. (LSP.LN) aims to invest GBP600 million in property by the end of the second quarter and will consider raising more money thereafter, a director said Wednesday.

The AIM-listed company, which principally invests in U.K. prime commercial property, has GBP600 million of available funds in cash and leverage and is looking at a dozen potential acquisitions at the moment.

"If we have spent the money and still see lots of opportunities we will raise more money," said non-executive director Patrick Vaughan.

London & Stamford focuses on U.K. retail real estate but also considers overseas investments and bought a London office building, One Fleet Place, for GBP74 million in January.

It also bought a 50% stake, in a joint venture with a partner, in Sheffield's Meadowhall, one of U.K.'s biggest shopping centers, from British Land Co. PLC (BLND.LN) in February

[irenekent] 10/2/2009 08:21

This company represents a good play on the commercial property sector. I'm in.

[topvest] 09/2/2009 21:07

Net initial yield of 6.75% is quite an attractive price long-term for such an attractive asset. British Land while not severely distressed, obviously needed to de-leverage and it has cost them. Only ? is how much values will deteriorate further. I think we must be close to the bottom on commercial property, maybe 10-20% more downside, but then the value (versus borrowing costs) will become irresistable.

[badtime] 09/2/2009 17:21

nice purchase

[haroldthegreat] 03/2/2009 14:14

why isnt there more interest in this company

[badtime] 03/2/2009 09:53

Nibbled on a few yesterday

[kiwi2007] 09/1/2009 23:41

Covered by Tempus



though the discount is not as large as they claim according to the FT who state that the building was put up a year ago for an asking of £100M.
Still, not a bad deal by all accounts...

[topvest] 09/1/2009 20:23

First big deal this week - looks to be on an 8% yield which is not bad.

[kiwi2007] 18/12/2008 10:37

Put a marker down for a few hoping the management will time their entry correctly...

[tooredtobleed] 25/4/2008 12:37

It will be two things running together, I think. They will be waiting for the bottom of the market and desperate sellers but also buying cheap property that has potential to be upgraded (again cheaply as there will be lots of builders around looking for work), so there will be some activity that may help the shares on a slow upwards rise until things get really dire at the bottom of the market. They obviously know the property cycle well the only really worry is that things might get even worse than they expect! Focus should be on low end apartments if we go 1929-ish but probably not within their normal remit.

[richjp] 24/4/2008 16:10

Interesting feature on Motley Fool yesterday on this company. Unfortunately I do not know how to insert the link. Could somebody help?

The article says that these guys set up two companies before to take advantage of depresssed property prices and then later sold them on very profitably. Apparently the last time it was some years after the previous proerty peak that their previous company share price started to move, so maybe there is no need to rush into this one. Having said that it might just go racing away in expectation!

I think commercial property has further to fall and if so the people running LSP would seem smart enough to just sit on the cash for a while.

Definitely one to keep an eye on.