Local Shopping REIT (The) PLC Update on Property Sales Programme (0372K)
April 06 2018 - 2:00AM
UK Regulatory
TIDMLSR
RNS Number : 0372K
Local Shopping REIT (The) PLC
06 April 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.
Since the last update, the Company has sold 18 properties for an
aggregate price of GBP4.6 million, representing a 1.7% discount to
carrying value. The sales costs associated with these disposals are
estimated to be 3.3%, including agent's fees, legal fees and
associated irrecoverable VAT relating to non VAT-elected properties
or residential elements. This is estimated to result in a 5.0%
realised loss on sale for these 18 properties.
Three of the properties sold were private treaty transactions
which completed for an aggregate sale price of GBP420,000,
representing a 2.4% premium to carrying value before sales
costs.
The other 15 sales were disposed during the March round of
auctions via 18 individual auction lots. The aggregate sale price
of these was GBP4.2 million representing a 2.2% discount to
carrying value before sales costs.
The proceeds of these sales, net of execution costs, will be
applied to reducing the Company's loan finance, which currently
stands at GBP9.9m.
Furthermore, the Company continues to progress a number of
private treaty sales, and has agreed terms, subject to contract, on
32 properties (total book value GBP11.4 million), including one
significant portfolio sale.
[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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