LAP buys out its Windsor Partner

September 2007

London & Associated Properties has paid £14.1m to buy out its joint venture partners in the King Edward Court Shopping Centre, Windsor. The centre was originally acquired by a joint venture between LAP and Bank of Scotland for £45m in December 2002. Now London & Associated is proposing to take full control of the centre, which is currently being redeveloped. The redevelopment comprises a supermarket which has been pre-let to Waitrose and a hotel pre-let to Travelodge. Four new retail units are being created, three of which have been pre-let to Zara, Hennes and New Look and one of which is under offer to another national fashion retailer. King Edward Court has a market value of £97m and currently generates annual net rents of approximately £2.4m. In addition, units currently under construction will produce a further £2.4 million of rent on completion. GCW provide all letting, asset management and professional services advice to LAP in respect to King Edward Court.