Blackstone buys Midlands warehouse

The property company run by property entrepreneurs Raymond Mould and Patrick Vaughan, has sold a distribution warehouse in the Midlands to Blackstone.

London & Stamford has sold 17 warehouseswhich make up the Triangle Distribution portfolio. The portfolio includes the recently acquired 5110 Magna Park in Lutterworth, Leicestershire.

Blackstone has paid £265m, a figure which exceeds the valuation of the portfolio as at 30 September 2011.

The price paid reflects a yield of 6.9%. The deal creates a return on equity of 32% for London & Stamford. The equity will be added to London & Stamford's existing coffers bringing the total to invest in new deals to £900m.

London & Stamford has been one of the most canniest property investors over the past three years in the UK.