UK REIT London & Stamford Property is buying a residential development project in the Islington borough of London for £49.1 mln (EUR 56 mln). The London-listed company has exchanged contracts with Seward Street Developments for the long leasehold interest in private residential units and 31 car parking spaces on Seward Street.

The long leasehold is for a period of 150 years and the 107 units have a net saleable area of 6,760 m2. Seward Street is located less than a kilometres north of the City.

Seward Street Developments is a joint venture between Mount Anvil Ltd and Notting Hill Housing Association.

London & Stamford Property was set up by veteran UK real estate investors Raymond Mould and Patrick Vaughan to exploit re-pricing in the UK real estate market in the downturn. At end-March 2011 the company had £1.5 bn (EUR 1.7 bn) of assets under management.