Local Shopping REIT (The) PLC Update on Property Sales Programme (6653U)
16 July 2018 - 4:00PM
UK Regulatory
TIDMLSR
RNS Number : 6653U
Local Shopping REIT (The) PLC
16 July 2018
The Local Shopping REIT plc
Update on Property Sales Programme
The Board of The Local Shopping REIT plc ("the Company") is
pleased to provide the following update on progress with its
property sales programme.
Since the last update, the Company has sold 20 properties for an
aggregate price of GBP3.7 million, representing a 7.2% discount to
carrying value before sales costs.
Four of the properties sold were private treaty transactions
which completed for an aggregate sale price of GBP603,000,
representing a 3.1% discount to carrying value before sales
costs.
The other 16 sales were disposed during the late May and July
auctions. The aggregate sale price of these was GBP3.1 million
representing a 7.9% discount to carrying value before sales costs.
The recent auction sales weighed heavily towards those assets
subject to the pre-emption rights of residential tenants under
section 5 of the Landlord and Tenant Act 1987, and included some
more challenging properties.
The sales costs associated with these disposals are estimated to
be circa 4.6%, resulting in a realised loss on sale of 11.8%. This
incorporates the increased sales costs associated with properties
subject to section 5 notifications.
Excluding properties where we have exchanged contracts for sale,
the portfolio comprises 86 properties valued at GBP23.9m.
Within this, we are progressing a number of private treaty sales
and have agreed terms, subject to contract, on 26 properties (total
book value GBP10.5 million). This includes one significant
portfolio sale and a number of assets subject to statutory waiting
periods due in relation to section 5 of the Landlord and Tenant Act
1987.
This leaves 60 properties valued at GBP13.4 million which we
will continue to market as individual assets and small portfolios,
both in the private treaty market and the auctions during the
remainder of the calendar year.
Proceeds of the asset sales have been used to repay outstanding
bank debt, which now stands at GBP1.3m and will be repaid in full
from committed sales by the end of this month, achieving an
important milestone in the Company's stated investment policy.
[ENDS]
Enquiries:
Rupert Wallman, Fund Manager +44 20 7355 8800
Bill Heaney, Company Secretary +44 20 7355 8800
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRSFUSAIFASELW
(END) Dow Jones Newswires
July 16, 2018 02:00 ET (06:00 GMT)
Alina (LSE:ALNA)
Historical Stock Chart
From Apr 2024 to May 2024
Alina (LSE:ALNA)
Historical Stock Chart
From May 2023 to May 2024