London & Stamford’s Big Buy

London & Stamford Property PLC, the real investment trust company based in the United Kingdom, has just spent a record breaking 75 million UK pounds to purchase two new office buildings in the city of London. 1 Carter Lane and 1 Old Change Court are the properties in question, which the company has purchased in order to take advantage of a shortage of office space in the district, one of London’s busiest.

“Central London continues to show signs of economic growth and we are delighted to have acquired this prime property… at a time when there is forecast to be a shortage of good quality buildings during a period of strong rental growth in the city,” says Raymond Mould, the chairman of London & Stamford Property PLC. The purchase of the two new buildings represents the adding of an extra 125,000 square feet of office space to the firm’s portfolio, as well as an extra 6,810 square feet of retail space. The primary tenant for the new office complex is the United States investment banking colossus Goldman Sachs Inc (GS). Their lease expires in 2018, although they do have an option to break the lease early in 2013, a possibility that does not bother London & Stamford’s property director Martin McGann, who says, “At that point in the cycle, there will be great demand for buildings of this grade and scope”.

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