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London & Stamford Property in raising to snap up assets on cheap

LONDON &amp; Stamford Property, the vehicle launched to exploit Britain&rsquo;s property bust, yesterday said it was planning to raise new equity to take advantage of the slump in prices.<br /><br />The Aim-listed firm said it is looking to raise an unspecified sum to bolster its remaining &pound;90m of equity and &pound;150m undrawn credit facility to bankroll new property buys.<br /><br />The group also reported profits of &pound;24m for the year ending 31 March 2009. <br /><br />The company has already bought more than &pound;750m of discounted UK commercial property since its flotation last November.<br /><br />Raymond Mould, non-executive chairman said he believed UK property values are set to weaken further.