Local Shopping REIT (The) PLC Statement re Property Sales Programme (4102B)
April 03 2017 - 8:50AM
UK Regulatory
TIDMLSR
RNS Number : 4102B
Local Shopping REIT (The) PLC
03 April 2017
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.
During the round of auctions in March 2017, the Company sold 15
properties for an aggregate price of GBP3.64 million, representing
a 9.0% premium to carrying value before sales costs, which are
estimated to be 5.1% of the prices achieved. Sales costs include
agent's fees, legal fees and associated irrecoverable VAT relating
to non-elected properties or residential elements.
As detailed in the annual results announcement released on 12
December 2016, the Company's sales programme is currently focussed
on smaller properties and those that are management intensive or
geographically dispersed. The Company also stated its intentions to
sell a limited volume (GBP5m) of higher quality, lower-yielding
properties. The auction sales during March were primarily of this
nature.
This brings total property sales, contacted or completed, under
the sales strategy adopted in July 2013 to GBP104.08 million, 62%
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 3.0%.
The March sales are in line with the Board's and Investment
Adviser's expectations and the directors are pleased that the
Company continues to be well placed to meet the timetable contained
in the Roadmap for Property Disposals set out in the annual results
statement.
[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 company news service from the London Stock Exchange
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