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13 Jul 2015 10:16
The Local Shopping REIT plc ("the Company")
In its half-year report the Company stated that it was in discussions with a party interested in purchasing the Company's remaining property assets. These discussions have not led to a transaction and have been concluded. As stated in the half-year report, the Company will continue with its programme of selling individual assets and small portfolios. The sales programme continued during the recent discussions and property sales since the change in investment strategy in July 2013 have reached £88.15 million, with a further £3.73 million currently under offer in 35 separate transactions. The sales programme will have regard to the increased flexibility that is likely to arise from expiry of majority of the Company's interest rate hedges in June 2016. Our target of completing the disposal process by the end of 2017 and returning cash to shareholders as soon as possible thereafter remains unchanged.
ENDS
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