Meadowhall boosts London & Stamford
MEADOWHALL’S retail performance has helped property investment group London & Stamford to a 51% increase in its trading profit.
The company, which has a 15.7% stake in the Sheffield shopping centre, increased its interim dividend to 3.5% on the back of the results for the six months to the end of September.
It said sales had grown 1% over the period at Meadowhall which had also seen 23 leases signed with retailers and a further nine with restaurants and caterers.
Executive chairman Raymond Mould said: “We find ourselves currently in a complex market, where prime yields remain firm, sustained by the low cost of capital with significant levels of capital available for prime investment. We have at the same time seen weakening in non-prime property, and we think that will continue due to the increasing occupational risk as a result of the UK economy.
“Nevertheless we are delighted to have secured £157.5 million of further investment during this period.
“We continue to look for opportunities to invest and since the start of the period we have been working on significant opportunities for the Company which we are confident would help further balance our portfolio mix to ensure it is able to withstand economic fluctuations, whilst ensuring returns which compare well with our investment targets.
“We continually review the portfolio and, where appropriate, we will seek to make sales with a view to reinvestment. We are advised that where we are considering sales at the moment, we will achieve price levels above our current book values, capturing significant profits on potential disposals.”
