UK-listed London & Stamford Property has achieved an inaugural full-year profit of £24m (€28.2m) and a 5% rise in its assets, setting the pace for a stream of similar vulture funds keen to tap the equity markets for cash. Paul Roy's NewRiver Retail this morning became the latest of these property funds to be set up.

London & Stamford, which is run by property veterans Raymond Mould and Patrick Vaughan, made a profit for the year to March following a revaluation gain of 9.6% on a £85m office block at Fleet Place, London.