London & Stamford Posts Profit, Plans to Sell Shares

London & Stamford Property Ltd (LSP), the company that bought half of British Land Co. Plc (BLND)’s largest mall in February, reported a profit for fiscal 2009 and said it planned to raise money for acquisitions.

Net income for the 12 months ended March 31 was 24 million pounds ($39 million), or 8.4 pence per share, the Guernsey- registered company said in a Regulatory News Service statement today. Net asset value rose 5 percent to 102.3 pence a share.

London & Stamford has 90 million pounds of equity capital after making five investments this year. The company, which first sold shares to the public in 2007, plans to raise at least 150 million pounds in another share sale to make more acquisitions, Martin McGann, a director, said by phone today.

“Our access to equity and debt and evidence of our ability to execute deals swiftly will allow us to continue to take advantage of weakness in the market,” Chairman Raymond Mould said in the statement.

London & Stamford fell 3.25 pence, or 2.6 percent, to 119.5 pence in London. The shares have climbed about 36 percent in six months, increasing the company’s market value to 341 million pounds.

London & Stamford will borrow 70 million pounds from two German banks to refinance a 150 million pounds bank facility it holds with HBOS Plc, said McGann.

The company, which trades on the Alternative Investment Market, is planning a move to the London Stock Exchange’s main market and aims to become a real estate investment trust, said the statement.

This is the first full year for which London & Stamford has reported results. In the five months ended March 31, 2008, the company posted net income of 405,000 pounds.

To contact the reporter on this story: Chris Bourke in London at cbourke4@bloomberg.net.

To contact the editor responsible for this story: Alan Mirabella at amirabella@bloomberg.net.

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