UK-based Local Shopping REIT announced that its shares have been admitted to the official list of the UK listing Authority and have commenced trading on the London Stock Exchange.

UK-based Local Shopping REIT announced that its shares have been admitted to the official list of the UK listing Authority and have commenced trading on the London Stock Exchange.

The company raised £160 mln (EUR 235 mln) in its initial public offering in London. Local Shopping REIT said it has a property portfolio valued at £207.7 mln of property spread across 484 assets and is planning to invest a further £143 mln into additional assets by September 2008.

JP Morgan Cazenove has been appointed financial advisor and broker to the company. The closed-ended investment company is planning to convert to a real estate investment trust (REIT) shortly.