14 Mar 2018 16:00
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.
The Company has now completed the sale of the four property portfolio detailed in the 12 February 2018 announcement for a total consideration of £9.5 million, the net proceeds of which were used to repay the loan.
Also since the last announcement, sales have been completed, or contracts exchanged for sale, on a further four properties for a total consideration of £785,000, representing a 0.6% discount to valuation. Execution costs for these sales are expected to be in line with recent trends.
The Company is also progressing a number of private treaty sales and has agreed terms, subject to contract, on 29 properties (total book value £11.3 million), including one significant portfolio sale. A further 20 lots (16 properties) are scheduled for auction during March.
The proceeds of these sales, net of execution costs, will be applied to reducing the Company's indebtedness, which currently stands at £10.2m.
[ENDS]
Enquiries:
Rupert Wallman, Fund Manager +44 20 7355 8800
Bill Heaney, Company Secretary +44 20 7355 8800