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10 Dec 2018 | 10:15

The Local Shopping REIT losses widen as portfolio value hurt by property sales

The Local Shopping REIT revealed Monday steeper annual losses on a lower portfolio revaluation following the sale of property assets.

For the year ended 30 September 2018, losses before tax widen to £7.15m from £0.86m a year ago, and the portfolio value fell to £22.3m from £55.46m.

The loss for the group primarily 'reflects the revaluation of the remaining portfolio and, to a lesser extent, the loss on disposal of properties after incorporating transaction costs,' the company said.

The portfolio's gross rental income for the year fell to £3.38m from £6.0m. During the year sales were completed on a further 107 properties at a combined gross sale price of £28.2m. Since the year end, a further 30 transactions had exchanged or completed at an aggregate sale price of £17.7m, the company said.

At 10:15am: (LON:LSR) Local Shopping REIT The PLC share price was -0.7p at 29.7p

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