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TWST: Could we begin with a brief introduction to London & Associated Properties (London:LAS.L)?

Mr. Heller: London and Associated Properties Plc is a retail property investment company. We specialize in town center shopping centers, although we do have other retail investments as well. We’ve been quoted on the London stock market since 1938, although we have really been in our current format as a pure property specialist since about 1971. I am the current Chief Executive Officer and I’m joined by Robert Corry, the Finance Director, Michael Stevens, the Company Director, and the Chairman, Michael Heller.

TWST: How many properties do you currently have in the portfolio?

Mr. Heller: We have five principal shopping centers, which account for two-thirds of our portfolio by value, and then we have about another twenty-five retail investments, which are principally shopping precincts, slightly smaller than the shopping centers, or large blocks of shops like an island site.

TWST: What are net assets?

Mr. Heller: A smidgeon under sixty million.

TWST: How competitive an environment is it? Is there a relatively sparse availability of properties that fit you niche focus?

Mr. Heller: We have very specific criteria when we look for a new acquisition. We only look for town center shopping centers where we think they have been under-managed in the past. It may not always be the case, but people who’ve owned properties for a long time tend to take their eye off the ball slightly, and we think coming in as a new owner gives you an added opportunity. In terms of competition, property as an asset class is keenly sort by everyone from private investors and wealthy individuals through to institutional investors, be they pension funds, insurance companies and other property companies as well. So shopping centers are a popular type of property within the property sector and yes, there are plenty of competitors out there when product becomes available. What we pride ourselves on and where we think that we find a competitive edge is by being a known specialist. We are usually one of the first people that any vendor would call upon, which gives us more time to do due diligence and gain market information. We therefore are able to pitch more competitively for any property that comes on the market.

TWST: What would you highlight as the companies underlying strengths and advantages?

Mr. Heller: We think that we are amongst the most highly informed experts in the town center shopping market. So just being known and being the first point-of-call for a vendor is obviously one advantage. Actually owning the shopping center and knowing which retailers are in the market, what sort of units they want, what sort of rents they’ll pay, what sort of returns we can expect is a highly specialized knowledge and it’s something that we’ve built up over many years.

TWST: What are the three or four compelling reasons you would give investors for them to take a further look at London & Associated Properties?

Mr. Heller: The fact that we’re very focused. If you want to be exposed to a highly focused property company and you feel that shopping centers are a safe bet, then we would be one of the purest companies to invest in. Our track record is very good, and there is a substantial discount to net assets. You’re buying for sixty pence, one pound sterling’s worth of property. Our track record indicates that that sixty pence is likely to grow and, as it is backed by one hundred pence worth of property assets, there could be a re-rating with tremendous upside.