Local Shopping purchase for Gregory

Nicholas Gregory, the joint chief executive of real estate investment trust Local Shopping REIT, has followed a colleague in acquiring shares following Tuesday's interim management statement for the four months to January 2010.

Gregory bought 25,000 shares at 62p each today. Joint chief executive Mike Riley bought 25,000 shares yesterday and managed to secure them for 61p each. Both men own 600,000 shares each.

Local Shopping REIT published an adjusted net asset value of 77p a share for the end of September 2009. Management says that it believes that valuations have risen in the subsequent four month period.

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The market value of the portfolio was £174.4m at the end of September 2009, while the annual rent roll was £15.5m. Net debt was £113.7m.

Since September, 10 properties have been sold for £2.41m and seven acquired for £1.56m. The company still has £60m of unused facilities. Local Shopping REIT is talking to banks about helping them with distressed property situations.

Gregory and Riley worked together at Castlemore Securities before setting up Local Shopping REIT in January 2005 and the company floated on 2 May 2007.

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