Local Shopping REIT (The) PLC Statement re Property Sales Programme (9375X)

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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 [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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February 27, 2017 07:16 ET (12:16 GMT)