02/05/2007 The Local Shopping REIT plc joins Main Market
2 May 2007
The London Stock Exchange is delighted to welcome The Local Shopping REIT plc, the UK’s first specialist start-up Real Estate Investment Trust, to the Main Market.
The Local Shopping REIT plc was formed in January 2005, to invest in and manage local shopping assets throughout the UK and is the first company to target this asset class as a vehicle for institutional investment. As of April 2007, the company had a portfolio worth £207.7 million, which includes 484 assets and over 1,400 tenants.
The Local Shopping REIT listed 91,954,023 Ordinary Shares on the Main Market, raising £160 million. The proceeds will be used to grow its portfolio and, using its innovative asset management skills, improve the quality of its assets, thereby driving capital and income growth for its shareholders.
Grahame Whateley, Chairman of The Local Shopping REIT plc, commented:
“We are delighted to have successfully completed our listing on the London Stock Exchange, enabling us to welcome a wide range of investors to the company. We believe that we are providing a unique opportunity for investors to gain access to a strong and diverse portfolio of local shopping assets, which will benefit greatly from the expertise of our highly experienced management team.”
JP Morgan Cazenove acted as sole Sponsor and Bookrunner to the company.