Meadowhall owner sees 60pc rise in profits

London & Stamford Property, the part owner of Meadowhall, has reported a 60 per cent increase in underlying profits to £25.4m for the year ending March 2012.

The company confirmed that it is continuing to look for a buyer for its stake in the Sheffield shopping centre, which it bought from British Land in 2009.

Raymond Mould, executive chairman, said: “The continued economic and financial uncertainty which surrounds us has supported our cautious and disciplined investment approach.

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“Our total firepower currently is £900 million and this puts London & Stamford in a very strong position in a market which we believe is offering increasingly exciting opportunities for investment in good quality assets with good covenants at reasonable prices.

“Our strategy continues to be to identify opportunities in the UK market which will offer double digit cash equity yields and I am delighted to report that we currently have under offer four potential investments with a value around £300 million which we are hopeful can complete in the near future.”

He added: “We continue to explore a disposal of our joint venture interest in the Meadowhall Shopping Centre.”