Local Shopping REIT (The) PLC Statement re Property Sales Programme (6049G)
May 30 2017 - 10:14AM
UK Regulatory
TIDMLSR
RNS Number : 6049G
Local Shopping REIT (The) PLC
30 May 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 auctions in May 2017, the Company exchanged contracts
for sale on 8 properties for an aggregate price of GBP0.82 million,
representing a 4.0% discount to carrying value before sales costs.
In addition, the Company has completed or exchanged for sale on 2
further properties for an aggregate price of GBP0.22 million, at a
1.6% premium to carrying value.
The sales costs associated with these disposals is estimated to
be 6.9%, including agent's fees, legal fees and associated
irrecoverable VAT relating to non-elected properties or residential
elements. This will result in an estimated 9.6% realised loss on
sale for these 10 properties.
This brings total property sales, contracted or completed, under
the sales strategy adopted in July 2013 to GBP107 million. Overall,
sales to date have produced a gross premium (before sales costs) of
3.0% above the valuation at the time sale terms were agreed.
Since the sales programme was accelerated (as announced in
December 2016), the Company has disposed of a total of 87
properties, for an aggregate gross sales price of GBP12.4 million.
The gross premium on these sales has been 0.1% above valuation.
The May 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
END
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