Spending spree plans at London & Stamford

LONDON & Stamford Property (L&S) has stepped up plans to expand its residential portfolio, agreeing to buy more than 100 residential properties in north London for £49.1m.

The real estate developer announced yesterday it had bought 107 private residential units and 31 car parking spaces in Islington from Seward Street Developments, bringing its total portfolio to around £140m.

In its interim management statement, the company said it had pledged to grow its residential portfolio to £300m given the large demand from potential first-time buyers and positive rental metrics.

L&S, led by industry veteran Raymond Mould, is continuing its spending spree following the acquisition of One Carter Lane for £75m on 30 June.

L&S also announced it had secured 16 new leases since April 2011 for the Meadowhall, shopping centre in Sheffield, its joint venture with British Land to develop the UK’s largest out-of-turn retail destination.