London & Associated Properties Plc LAP Sells Kings Square, West Bromwich for £4.75m

 
TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
14 June 2022 
 
 
   LONDON & ASSOCIATED PROPERTIES PLC SURRENDERS LEASEHOLD INTEREST IN WEST 
                           BROMWICH SHOPPING CENTRE 
 
 
London & Associated Properties PLC ("LAP" or "the Company") today announces it 
has exchanged unconditional contracts to surrender its leasehold interest in 
Kings Square, West Bromwich to the freeholder, Sandwell Council for a premium 
of £4.75 million, representing a 5% discount to 2021 year-end valuation. 
Completion is scheduled for 29 July 2022 and the proceeds will be reinvested in 
new real estate. 
 
Kings Square forms part of a portfolio used as collateral for a 1997 debenture 
from Aviva expiring in August 2022 which LAP is in the process of refinancing. 
 
The disposal continues LAP's stated strategy of repositioning its portfolio 
away from shopping centres. Following the sale, the Company's principal 
income-generating property assets comprise, by value: 19% industrial; 35% 
mixed-use retail with a strong food offer; 27% community-orientated town centre 
retail; and 19% other investments (including the current market value of LAP's 
41.5% holding in Bisichi PLC). 
 
John Heller, LAP's Chief Executive Officer, said: "The Board constantly reviews 
LAP's mix of assets and is satisfied that our investments represent a 
combination of strong current income, diversified asset class risk and 
realistic opportunities for growth over the medium term." 
 
 
                                     Ends. 
 
 
Contact: 
 
               John Heller, CEO, 
LAP. 
Tel: 020 7415 5000 
 
               Baron Phillips, Baron Phillips 
Associates.                                              Tel: 07767 444193 
 
 
 
END

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June 14, 2022 02:00 ET (06:00 GMT)

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