London & Stamford Property, a real estate group, has revealed its plans to acquire approximately 150 flats for a knock-down price from Arsenal Football Club's Highbury Square development.

London & Stamford came forward with a cut-price offer after Malaysian group Fraser & Neave pulled itself back from the plan to acquire the flats.

According to analysts Arsenal Football Club's Highbury Square development has sold the flats in the North Stand of its former stadium at a discount of about 20 per cent to the market value.

Guernsey-based London & Stamford has bought 142 one and two-bedroom flats, four three-bedroom flats along with 98 parking bays for £41.4 million.

The Arsenal Football Club is still burdened with a debt of £123.6 million.