£1bn firepower boosts L&S

London & Stamford Property said it had firepower of about £1bn for future acquisitions, in an interim management statement. The company bought two further portfolios of prime distribution assets for £205m in November using existing debt, and it agreed with its existing joint venture partner in the Middle East, Green Park Investments, to create a new 50/50 joint venture for the new portfolios.

Agreement was also reached with Green Park Investments to increase its equity funding commitment to London & Stamford by a further £100m. London & Stamford agreed terms with the Metropolitan Life Insurance Company to provide £133.25m of debt.

Patrick Vaughan, chief executive, said: “London & Stamford continues to focus on identifying investment opportunities that provide us with attractive cash on equity returns. “We believe that market conditions will continue to create opportunities for property investments with attractive equity yields and total returns, indeed, the availability of investment stock is rising, although much of it is secondary,” he said.