REIT plan makes L&S splash out

AIM-listed London & Stamford must invest another £200m of the £260m cash on its balance sheet to execute plans to gain a main listing, and convert to a REIT, ideally by this summer.

Last week it paid Clerical Medical £33m in cash for Tamworth distribution centre, let to DIY retailer Focus for 14 years, in a deal with a 9.5% yield. The deal is L&S’s seventh since its IPO just over two years ago.

L&S has also borrowed £29.8m of senior debt from Helaba to gear up four logistics and warehouse assets: two in Crawley, one in Wellingborough and one in Nottingham.