Local Shopping REIT (LSR) is planning to raise up to £160 mln through a listing on the London Stock Exchange in May, after which LSR will elect to become a real estate investment trust (REIT). The proceeds will be used to fund LSR's future acquisitions.
Local Shopping REIT (LSR) is planning to raise up to £160 mln through a listing on the London Stock Exchange in May, after which LSR will elect to become a real estate investment trust (REIT). The proceeds will be used to fund LSR's future acquisitions.
The company targets investments in local shopping assets in the UK and is aiming 'to become the leader in the local shopping market in the UK,' LSR said in a press release issued on Monday.
Local Shopping REIT is a limited liability, UK resident, closed ended investment company. The company's portfolio, valued at £205.1 mln, comprises 475 assets, with 1,465 letting units producing an overall net rental income of £13.6 mln per annum.
Chairman Grahame Whateley said: 'The Local Shopping REIT will offer investors access to a highly diversified portfolio of local and neighbourhood retail property assets which, for the first time, will be professionally managed on a significant scale and should therefore establish a new real estate sub-sector.'
