London &?Stamford sells Aintree shopping centre

PROPERTY investor London & Stamford completed the £101m sale of its shopping centre near Aintree racecourse yesterday.

The firm, which last week listed on the London Stock Exchange and turned into a more tax-efficient real estate investment trust (REIT), sold the Liverpool mall to the Crown Estate, the royal family’s land portfolio.

The Guernsey-based company said it intends to use the proceeds to pay back loans linked to its own purchase of the retail park, with the balance put aside for future investment.

KBC Peel Hunt and Credit Suisse acted as joint brokers, sponsors and financial advisers.

Shares closed down 1.9 per cent to 119.5p yesterday. The shares have gained 4.6 per cent since joining the main market last Friday. As well as allowing the firm to convert to a REIT, the upgrade gives the firm access to a bigger pool of investors.