London & Associated Properties is lining up disposals as the investment firm looks to reshape its portfolio away from the retail sector.
The company is currently working through three sales from its £71m portfolio, it told investors alongside the publication of its annual report. “We are always prepared to sell these assets where we are approached by special buyers to further our repositioning of the portfolio away from retail,” it added.
LAP completed no deals during the past year. “2020 has been a time for the protection of cash reserves to enable us to manage potential worst-case outcomes of Covid on the business,” its report said. “Therefore LAP has not actively sought to acquire new property and has delayed substantial development expenditure.”
Revenue of £5.1m last year was down by two-thirds on 2019, although the company’s loss narrowed to £5m.
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