London & Stamford to invest £1bn

 
City A.M. Reporter
BRITISH property investor London & Stamford yesterday said it saw investment opportunities in retail, logistics and London residential for its £1bn war chest, after reporting a rise in 2010 net asset value (NAV).

The company, which moved from the London Stock Exchange’s junior AIM market to the main board last October, said its NAV per share for the year to 31 March was 122.4p, up 1.4 per cent from 120.7p last year.

“We see the potential for outperformance in the central London residential market, the distribution sector and in prime retail investments as exciting opportunities for the further investment of our £1bn of firepower,” executive chairman Raymond Mould said.

London & Stamford said its revaluation surplus, including share of associates, was £51m, down 50 per cent from £101.9m the previous year. It reported £1.5bn assets under management.

Net income was £41.8m, up 160 per cent from £16.1m the previous year, due to three portfolio acquisition during the year, the group said.