13th Feb 2014 15:56
LONDON (Alliance News) - The Local Shopping REIT PLC Thursday said it sold three properties, including one flat for GBP880,000, in the four months to January 31, representing a 20.1% premium to its September 2013 valuation.
In a trading update for the four month period, the company said annualised rent roll from its portfolio was maintained at GBP15.3 million, while it completed rent reviews on 46 units, increasing rental income by GBP21,650 a year.
This represented an average uplift over passing rent of 4.6% and a 5.7% premium to market rent, the property investor said
Looking ahead, Local Shopping REIT said it has a strong lettings pipeline with 39 units, excluding residential units, under offer for a combined rental income of GBP351,090 a year.
"Our hands-on approach to asset management continues to ensure that the portfolio performs robustly," Executive Director Steve Faber said in a statement.
"A portfolio of over 600 shops and 2,000 letting units throws up numerous challenges which we continue to address, whilst seeking to execute the new investment policy of judiciously selling the company's investment holdings," he added.
The stock was trading at 28.96 pence Thursday afternoon, up 0.71 pence, or 2.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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