Local Shopping REIT (The) PLC Update on Property Sales Programme (6260H)
March 14 2018 - 12:00PM
UK Regulatory
TIDMLSR
RNS Number : 6260H
Local Shopping REIT (The) PLC
14 March 2018
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 GBP9.5 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 GBP785,000, 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 GBP11.3 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 GBP10.2m.
[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
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