Local Shopping REIT (The) PLC Statement re Property Sales Programme (0008I)
June 14 2017 - 2:00AM
UK Regulatory
TIDMLSR
RNS Number : 0008I
Local Shopping REIT (The) PLC
14 June 2017
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.
Since the last sales update in May 2017, the Company has
completed or exchanged contracts for sales on 17 properties for an
aggregate price of GBP1.57 million, representing a 1.8% discount to
carrying value before sales costs. All but one of these sales were
by auction.
The sales costs associated with these disposals is estimated to
be 5.5%, including agent's fees, legal fees and associated
irrecoverable VAT relating to non-elected properties or residential
elements. This will result in an estimated 7.3% realised loss on
sale for these 16 properties.
This brings total property sales, contracted or completed, under
the sales strategy adopted in July 2013 to GBP108.5 million.
Overall, sales to date have produced a gross premium (before sales
costs) of 2.9% above the valuation at the time sale terms were
agreed.
Since the sales programme was accelerated (as announced in
December 2016), the Company has disposed of a total of 104
properties, for an aggregate gross sales price of GBP13.9 million.
The gross loss on these sales has been 0.1% below valuation.
The sales are in line with the Board's and Investment Adviser's
expectations and the directors are pleased that the Company
continues to be well placed to meet the timetable contained in the
Roadmap for Property Disposals set out in the annual results
statement.
[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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