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London & Associated signs £37M deal for the sale of Brixton Markets

London & Associated Properties PLC exchanged contracts for the sale of Market Row and Brixton Village in London, for roughly £37.3 million in cash to an unidentified private group of property companies.

The diversified real estate investment trust engaged property agents to put up its interests in Brixton Markets, valued at £24.5 million in December 2016, for sale in November 2017.

The assets are leased to Market Village Ltd. in full since 2011 and generate a combined annual net income of approximately £1.2 million.

According to a release, the company will deploy £16 million of the proceeds for the repayment of debt and add the remainder to its cash reserves.

London & Associated purchased Brixton Markets as part of the Atlantic Group of Cos. in 2006.