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London & Stamford completes sale of Triangle Distribution Portfolio for £265m

Further to the announcement on 23 December 2011, London & Stamford Property Plc today announces that it has completed the sale of the Triangle Distribution Portfolio for £265 million to BRE/Rhombus Bidco Sarl, an entity managed by a Blackstone real estate fund. Of the total consideration received, £150 million has been applied to repay related debt.London & Stamford's cash balance now stands at £214 million, which, when taken alongside its Joint Venture partner's unspent commitment and with reasonable gearing assumptions, produces total firepower well in excess of £800 million.[…]