London and Stamford completes refinancing

27th Feb 2012 09:08

Real estate investment trust London and Stamford Property has completed the financing for three of its London residential investments.The company has signed a £21.98m facility with MetLife for its Bridges Wharf (Battersea) and Clapham Road (The Oval) residential investments. The property group has four residential assets in London, including one on the location of Arsenal football club's old stadium at Highbury.Lettings at Battersea are steady with three flats currently under offer. A further six flats remain vacant and are the subject of a sales campaign. One unit has been sold since the beginning of October 2011, crystallising a 34% return on cost.Meanwhile, at Clapham Road, only seven of the 74 units acquired in August 2011 are still available to let. Six units are available for sale.The share price rose 0.17% to 115.50p by 09:11. NR