Local Shopping REIT value dips

THE LOCAL Shopping REIT saw its net asset value decline by 6.2 per cent in the year to 30 September, due to a £3.7m valuation decline in its portfolio.

The company, which owns local neighbourhood shops across the UK, however, said its business is performing well as like for like rents grew by 0.7 per cent and its vacancy rate fell from 11.3 to 10.6 per cent.

The real estate investment trust raised its annual dividend 11 per cent and said it was confident of delivering growth as it focused on managing distressed assets.