- Property investment trust The Local Shopping REIT reports ongoing success with its active asset management programme.

It said the overall void rate had been maintained at 11.3% with a healthy pipeline of future lettings.

Other highlights for the four months to the end of January include:

* 42 retail units let generating an annualised total rent of £408,290

* 13 of these lettings incorporate stepped rent increases, with initial rents rising from £147,900 to £168,750 per annum, against a market rent of £152,170 per annum; the remaining 29 units were let at 5.0% above market rent

* 96 rent reviews and lease renewals increased annual rental income by more than £43,000, producing a 7.2% uplift above market rent

* Planning consent obtained for six flats and the subdivision of two retail units to provide rental evidence for upcoming rent reviews

Joint CEO Nick Gregory said: "Our highly focussed business model and active approach to asset management continues to underpin our resilient performance and enhance the income generated by our portfolio."

Joint CEO Mike Riley added: "Our specialist skills, track record and experience are of increasing interest to banks and institutions who are either seeking to maximise the value of their small retail assets or to gain exposure to the highly cash generative and resilient local shopping market."

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