CORRECT: London&Stamford To Buy HBOS Radial Fund

LONDON (Dow Jones)--Opportunistic landlord and investor London & Stamford Property Ltd. (LSP.LN) is buying Radial, a distribution fund owned 50-50 by Warner Estate Holdings (WNER.LN) and HBOS PLC (HBOOY), for just under GBP215 million, a person familiar with the deal said Wednesday.

The person said London & Stamford will buy 16 properties as part of Radial. The properties' tenants include building materials supplier Travis Perkins PLC (TPK.LN), supermarket Tesco PLC (TSCO.LN) and logistics company Eddie Stobart.

The deal, which will cost just under GBP215 million including all costs, is expected to close this week, the person said.

HBOS, which is owned by Lloyds Banking Group PLC (LLOY.LN), is also providing financing for the acquisition as London & Stamford is expected to use its GBP150 million revolving credit facility it has with HBOS to finance part of the deal, with the remainder to be paid in cash.

London & Stamford, led by real estate veterans Patrick Vaughan and Raymond Mould, was the first property company to start buying assets at the bottom of the market in January last year.

-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407; anita.likus@dowjones.com

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