Local Shopping REIT has put itself up for sale after struggling to grow the business during a period of recurring recessions.
The real estate investment trust (REIT) was established with the aim of becoming a market leading owner of shops in the UK, but things have not gone to plan, resulting in the directors launching a strategic review to consider how value can be maximised for shareholders.
A committee appointed by the board will consider all strategic options, including carrying on as before.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group said that its joint venture partners have been given fair warning about the strategic review, and they have been notified that the company may seek to alter its commitment to some or all of these joint ventures. These changes may well result in a breach of the terms of the joint venture agreements which in turn may prompt action by the joint venture partners. Local Shopping REIT has around £5.6m invested within all three of its joint ventures.
Shares in the company had been trading at a 52-week low prior to the announcement of the strategic review.
JH
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
