Local Shopping REIT, a British property investment company, is offering almost 92 million ordinary shares in an Initial Public Offering (IPO) in London, LSR said in a statement. The offer is being carried out at a price of 174 pence per share. Local Shopping REIT plans to raise as much as £173.2 mln in an IPO to repay debt and fund acquisitions.

Local Shopping REIT, a British property investment company, is offering almost 92 million ordinary shares in an Initial Public Offering (IPO) in London, LSR said in a statement. The offer is being carried out at a price of 174 pence per share. Local Shopping REIT plans to raise as much as £173.2 mln in an IPO to repay debt and fund acquisitions.

The offer period will close on April 24 and April 26 for individual and institutional investors respectively. The company is planning to become a REIT after its shares start trading on May 2, 2007.

LSR has a portfolio of £207.7 mln (EUR 305 mln) spread across 484 assets, with 1,409 tenants producing an overall net rental income of £13.8 mln per annum. LSR added it is planning to invest a further £143 mln in real estate by September 2008.