Local Shopping REIT (The) PLC Statement re Property Sales Programme (9375X)
27 February 2017 - 11:16PM
UK Regulatory
TIDMLSR
RNS Number : 9375X
Local Shopping REIT (The) PLC
27 February 2017
The Local Shopping REIT plc
Update on Property Sales Programme
In accordance with its statement contained in the annual results
announcement, released on 12 December 2016, the Board of The Local
Shopping REIT plc ("the Company") is pleased to provide the
following update on progress with its property sales programme.
During the round of auctions in February 2017, the Company sold
22 properties for an aggregate price of GBP3.53 million, against an
aggregate book value of GBP3.86m. As indicated in the annual
results statement, the Company's sales programme is currently
focussed on smaller properties and those that are management
intensive with higher non-recoverable costs or geographically
dispersed.
This brings total property sales, contacted or completed, under
the current sales strategy adopted in July 2013 to GBP100.26
million, 59% of the portfolio value at that time. Overall, sales to
date have produced a premium to valuation (at the time sale terms
were agreed) of 2.8%.
The February sales are in line with the Board's and Investment
Adviser's expectations and the directors are pleased that the
Company is well placed to meet the timetable contained in the
Roadmap for Property Disposals set out in the annual results
statement.
[ENDS]
Enquiries:
Bill Heaney, Company Secretary +44 20 7355 8800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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