- The Local Shopping REIT has issued an update on progress with its property sales programme.

It said that since the update in May, it had completed or exchanged contracts for sales on 17 properties for an aggregate price of £1.57m, representing a 1.8% discount to carrying value before sales costs.

All but one of these sales were by auction.

It said the sales costs associated with these disposals was estimated to be 5.5%, including agent's fees, legal fees and associated irrecoverable VAT relating to non-elected properties or residential elements.

It said this would result in an estimated 7.3% realised loss on sale for these 16 properties.

The update continued: "This brings total property sales, contracted or completed, under the sales strategy adopted in July 2013 to £108.5m.

"Overall, sales to date have produced a gross premium (before sales costs) of 2.9% above the valuation at the time sale terms were agreed.

"Since the sales programme was accelerated (as announced in December 2016), the company has disposed of a total of 104 properties, for an aggregate gross sales price of £13.9 million.

"The gross loss on these sales has been 0.1% below valuation."

It said the sales were in line with the board's and investment adviser's expectations and the directors were pleased that the company continued to be well placed to meet the timetable contained in the Roadmap for Property Disposals set out in the annual results statement.

At 9:22am: [LON:LSR] Local Shopping REIT The PLC share price was -0.12p at 32.38p

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