27 Feb 2017 12:16
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 £3.53 million, against an aggregate book value of £3.86m. 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 £100.26 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 +44 20 7355 8800