17th Oct 2014 11:10
LONDON (Alliance News) - Local Shopping REIT PLC Friday said property assets it owns are being marketed for sale by way of the disposal of a number of its property-owning subsidiaries, but cautioned that its actions may or may not lead to a deal.
In a statement, Local Shopping REIT said the disposal of its assets, including by way of portfolio sales, is in line with the investment strategy approved by shareholders in July 2013.
The current project follows the sale of the company's NOS 2 Ltd and NOS 3 Ltd subsidiaries in August.
"The company's management will continue to execute the strategy decided by shareholders, including, but not limited to, portfolio sales, in a form which best contributes towards shareholder value," Local Shopping REIT said in a statement.
Local Shopping REIT said it was responding to references in the property trade press to a potential sale of a portfolio of its property investments.
Earlier on Friday, Local Shopping REIT said Stephen East, its senior independent non-executive director, has replaced Chairman Grahame Whateley, who has left the company with immediate effect.
In a statement, Local Shopping REIT said Non-Executive Director Nicholas Vetch is now its senior independent director.
Whateley chaired the board from January 2005 and was part of the team that oversaw the company's flotation in 2007.
Local Shopping REIT shares were Friday quoted up 1.2% at 35.53p.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
LSR.L